If reports are to be believed, then the Telugu Desam Party chief
and Andhra Pradesh Chief Minister Chandrababu Naidu seems to have sold
away his family owned company Heritage Group to famous ITC group which
includes a whopping amount. This is coming as a surprise to many.
Although
there has been no official confirmation yet, rumours are rife on
corporate circles that Naidu had sold away the Heritage group to ITC
which may be in finalisation phase. Heritage has nearly 275 stores,
which is working around Rs 1200 crore annual turnover.
The
deal was reportedly struck for more than 30 times its value, according
to reports. This move has been necessitated as both Naidu and his son
Nara Lokesh are becoming more and more busy with full-time politics.
Sources
add that Naidu’s wife Bhuvaneshwari is really feeling exhausted to
handle the business while his daughter-in-law Brahmani is busy with NTR
Memorial Trust activities. So, the family has taken an exit from
business activity after more than 20 years!