Andhra Pradesh Chief Minister Chandrababu Naidu recently made headlines as the richest CM in India, according to a report by the Association for Democratic Reforms (ADR). A significant portion of Naidu’s wealth comes from his family’s stake in Heritage Foods Ltd, a leading dairy firm founded in 1992. His wife, Bhuvaneswari Nara, holds a substantial 24.37% share in the company, valued at around Rs 763 crore, which makes up 82% of Naidu’s total wealth of Rs 931 crore.
Interestingly, Naidu himself does not own shares in Heritage Foods, but the wealth is attributed to him due to his wife’s ownership. Despite this, the company has not faced accusations of crony capitalism, as it operates in the retail sector without any government subsidies or support.
Heritage Foods: The Growth of a Dairy Giant
Heritage Foods was established by Naidu in 1992, during a time when Chittoor, his home district, was the largest milk-producing area in Andhra Pradesh. At that time, the dairy sector was liberalized, allowing private entrepreneurs to invest in milk processing and marketing. Naidu seized this opportunity and set up the company with an initial investment of Rs 50 lakh, taking loans from Bank of Baroda.
The company went public in 1994, with a market capitalization of Rs 25 crore. Over the years, Heritage Foods has expanded significantly, growing into a leading dairy brand. It currently has a market value of Rs 4,400 crore, annual revenues of Rs 3,750 crore, and operates in 12 states across India.
Family Leadership: Bhuwaneswari Nara and Nara Brahmani’s Role in Heritage Foods
Heritage Foods is currently managed by Bhuvaneswari Nara, Naidu’s wife, who serves as the Managing Director, while Nara Brahmani, Naidu’s daughter-in-law, has been serving as the Executive Director for the past 10 years. Brahmani, the wife of Nara Lokesh, has a background from Stanford Business School and experience in top global dairy companies, making her an integral part of the company’s management.
A Family-Driven Success Story
Heritage Foods’ rise from a small local dairy venture to a multi-billion-dollar company is a testament to the entrepreneurial foresight of Chandrababu Naidu and his family. With a focus on quality dairy products and strong distribution networks, the company’s growth continues to contribute to Naidu’s wealth. As the firm remains debt-free post-COVID, it stands as a model of successful business management and family leadership.
