Brahmani steps in Heritage Foods
Hyderabad: If the grapevine that Lokesh is being groomed to step into the shoes of his father Nara Chandrababu Naidu, former Chief Minister and president of the Telugu Desam Party, is true, Nara Brahmani is also being nursed to take the mantle of her mother-in-law, Bhuvaneswari, in Heritage Foods.
Bhuvaneswari, the third daughter of NTR, has been the managing director of the company, promoted by her husband Chandrababu Naidu.
Nara Brahmani, wife of Nara Lokesh, is made the vice-president of business development of Heritage Foods Ltd. Sources close to the Chandrababu Naidu family told that this was an 'unannounced succession plan' being implemented in the company.
Brahmani is the daughter-in-law of Naidu. She is a management graduate from Stanford University in California, USA. Incidentally, Brahmani doesn't have any shares in the Heritage Foods Ltd.
According to the share-holding pattern among the promoters group, Naidu's wife, Nara Bhuvaneswari, hold 23.12 per cent shares, while Brahmani's parents, Nandamuri Balakrishna and Vasundhara Devi, hold 0.06 per cent of shares.
Megabid Finvest and Investment Ltd, a company in which Ms Bhuvaneswari, is a director holds 4.29 per cent of shares in Heritage Foods, while Lokesh holds 10.26 per cent of stake in his capapcity as executive director.
The appointment of Brahmani was approved by the annual general meeting of the company held on September 28. The company renewed the appointment of N R Siva Swamy as a director.
It may be recalled that Naidu on September 2 declared assets worth Rs. 40 crore towards the investments by his family. His son Lokesh supposedly has Rs. 6.73 crore, and his daughter-in-law Brahmani has assets of Rs. 3.22 crore.
Naidu had said daughter-in-law Brahmani had 924 sq ft of land in Madhapur, worth Rs 3.37 lakh, 778 sq ft land in Nandi hills worth Rs. 4.79 lakhs, and a paid advance of Rs. 1.15 crore for property in Emaar ventures in Manikonda.
News Posted: 1 October, 2011
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