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ADR report: What sets Chandrababu Naidu apart is that his wealth is largely linked to Heritage Foods Ltd, the dairy enterprise he founded in 1992
Andhra Pradesh chief minister N Chandrababu Naidu has declared assets worth ₹931 crore. (File image/PTI)
The latest report by the Association for Democratic Reforms (ADR) has pegged the combined assets of India’s Chief Ministers at over ₹1,600 crore, with Andhra Pradesh Chief Minister N. Chandrababu Naidu topping the list. Naidu has declared assets worth ₹931 crore, significantly higher than his counterparts across the country.
The analysis is based on self-sworn affidavits filed by 30 current chief ministers from 27 state assemblies and three Union Territories. The report draws on data declared before their most recent elections. At present, Manipur is under President’s Rule.
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What sets Naidu apart, however, is that his wealth is largely linked to Heritage Foods Ltd, the dairy enterprise he founded in 1992, rather than inherited wealth or unexplained sources. Established with a modest paid-up capital of just ₹7,000, Heritage Foods grew rapidly, launching a blockbuster IPO in 1994 that was oversubscribed 54 times and raised ₹6.5 crore.
From handling 19,000 litres of milk a day and revenues of ₹4.36 crore in its first year, the company steadily expanded across three decades—crossing turnovers of ₹100 crore in 2000, ₹1,000 crore in 2011, and touching ₹4,000 crore in FY 2025. Its market capitalization soared from ₹25 crore in 1995 to a peak of ₹6,755 crore in June 2024, attracting nearly 1.82 lakh shareholders.
The Nara family today holds 41.3% of the company, with Mrs. Nara Bhuvaneswari steering its expansion into 17 states and engaging with nearly 3 lakh dairy farmers.
The ADR report also placed Arunachal Pradesh Chief Minister Pema Khandu second with assets of ₹163 crore, followed by Odisha’s Naveen Patnaik with ₹63 crore. At the other end of the spectrum, Kerala Chief Minister Pinarayi Vijayan declared just ₹40 lakh, while Delhi Chief Minister Arvind Kejriwal reported ₹3 crore. With most Chief Ministers now counted as crorepatis, the report underscores the wide disparities in financial backgrounds among India’s political leadership.
Heritage Foods, meanwhile, continues to stand out as a corporate success story built on farmer empowerment and consumer trust—cementing its place in India’s dairy revolution, which has made the country the world’s largest milk producer since 1997.
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