Andhra chief minister’s son worth over Rs.770 mn

April 1st, 2009 - 2:34 pm ICT by IANS  

Hyderabad, April 1 (IANS) With assets of over Rs.770 million (Rs.77 crore), Chief Minister Y.S. Rajasekhara Reddy’s son Y.S. Jaganmohan Reddy is undoubtedly the richest politician in Andhra Pradesh.
Jaganmohan Reddy, who is making his debut in electoral politics by contesting from the Kadapa Lok Sabha seat, owns movable and immovable assets of more than Rs.774 million (Rs.77.40 crore).

He declared this while filing his nomination papers through his uncle and sitting MP from Kadapa Y.S. Vivekananda Reddy before the district returning officer and Kadapa district collector Sashibhushan Kumar.

Jaganmohan Reddy has set a record if one goes by what has been declared by other candidates who filed nomination papers for the first phase of polls.

According to the statement submitted to the returning officer, Jaganmohan Reddy owns immovable assets of nearly Rs.380 million (Rs.37.99 crore) and his wife Bharati Rs.84.8 million (Rs.8.48 crore).

The chief minister’s son, an industrialist, said he has Rs.31,695 in cash and Rs.1.6 million (Rs.16 lakh) in the bank. He also has third party loans of Rs.66.3 million (Rs.6.63 crore) but no bank loans.

A major part of his money is in 15 private firms in the form of bonds and shares. This includes shares of Rs.300 million (Rs.30 crore) in Bharati Cements and Rs.61.3 million (Rs.6.13 crore) in Sandur Power Project company.

The statement also shows that Jaganmohan Reddy and his wife own properties in Hyderabad, on the outskirts of the city, and in other parts of Kadapa district, Udupi and Shimoga.

Interestingly, the statement says that the couple has only 667.3 grams of gold worth Rs.1.59 million (Rs.15.94 lakh), no vehicle and no bank loan.

Jaganmohan, an industrialist who also owns a Telugu daily and television channel Sakshi, was already at the centre of a row with the opposition parties making allegations of irregularities in the industries owned by him.

The chief minister, who is seeking re-election from Pulivendula assembly segment - a part of the Kadapa Lok Sabha seat - is yet to file his nomination papers.

Meanwhile, leader of opposition N. Chandrababu Naidu, who led a campaign against Jaganmohan Reddy recently, declared that he has Rs.23,400 in cash and no agriculture land.

Naidu and his wife Bhuvaneswari own movable and immovable assets valued at Rs.500 million (Rs.50 crore). He claimed the majority of the assets are in the name of his wife.

Bhuvaneswari has bonds and shares of over Rs.156.9 million (Rs.15.69 crore) in her company Heritage and shares in some other companies.

The Praja Rajyam party’s general secretary and eminent film producer Allu Aravind is worth Rs.240 million (Rs.24 crore). Aravind, who is also the brother-in-law of party president megastar Chiranjeevi, is contesting Lok Sabha elections from Ankapalli constituency in coastal Andhra.

Aravind declared that he has Rs.374,000 in cash, banks deposits of Rs.59.8 million (Rs.5.98 crore), investments in various companies in the form of shares and bonds worth Rs.65 million (Rs.6.5 crore).

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