If reports doing rounds in some blogs are to be believed, Telugu Desam Party president and Andhra Pradesh Chief Minister N Chandrababu Naidu has sold away his family company Heritage Group to renowned ITC group for a whopping amount.
Though there is no confirmation from either side, rumours are afloat in corporate circles that Naidu had sold Heritage group to ITC. May be, the deal is still in the finalisation stages.
While the net worth of the company, which has nearly 275 stores, is said to be around Rs 1200 crore, the deal was struck for more than 30 times of the value, say the reports.
Apparently, the decision was taken with Naidu and his son Lokesh being busy with full-time politics and Naidu’s wife Bhuvaneshwari is feeling too tired to handle the business.
On the other hand, their daughter-in-law Brahmani is busy taking care of NTR Memorial Trust activities. So, the family wants to get out of the business activity and focus on public service!
