How Chandrababu Naidu Turned Rs 7,000 Into A Rs 6,755-Crore Dairy Empire

The latest report by the Association for Democratic Reforms (ADR), which pegs the collective assets of India's Chief Ministers at over Rs 1,600 crore, places Andhra Pradesh Chief Minister N Chandrababu Naidu at the very top with a declared wealth of Rs 931 crore. While the findings spotlight the disparities in the financial backgrounds of political leaders, Mr Naidu's case is distinct in that his wealth is tied to a business enterprise he founded three decades ago, Heritage Foods Ltd, rather than inherited assets or opaque sources.

Across the country, other Chief Ministers also feature prominently in ADR's wealth analysis. Arunachal Pradesh Chief Minister Pema Khandu is second on the list with assets of Rs 163 crore, followed by Odisha's Naveen Patnaik with Rs 63 crore. Kerala Chief Minister Pinarayi Vijayan declared the lowest assets at just Rs 40 lakh, while Delhi Chief Minister Arvind Kejriwal reported Rs 3 crore. With most Chief Ministers now counted as crorepatis, with only two exceptions, the report highlights the broad divergence in wealth among India's political leadership.

Mr Naidu founded Heritage Foods Ltd in 1992, when India's dairy sector was opening up to private investment under economic reforms. Starting with a paid-up capital of just Rs 7,000, the company went public in 1994 with an IPO oversubscribed 54 times, raising Rs 6.5 crore. Over three decades, Heritage has grown into a pan-India brand with a presence in 17 states and partnerships with nearly 3 lakh dairy farmers. The company's turnover milestones-from Rs 100 crore by FY2000 to Rs 4,000 crore by FY2025-reflect its sustained expansion. The Nara family, which retains a 41.3 per cent stake, has seen Heritage's market capitalisation rise from Rs 25 crore in 1995 to Rs 4,500 crore in 2025, peaking at Rs 6,755 crore in mid-2024.

Mr Naidu's journey has also been marked by political upheavals. A four-time Chief Minister of Andhra Pradesh, he has alternated between power and opposition, steering his party through turbulent phases such as the bifurcation of the state in 2014, electoral setbacks in 2004 and 2019, and a return to office in 2024. Parallel to his political career, Mr Naidu has consistently projected himself as a tech-forward leader, branding Hyderabad as "Cyberabad" during his tenure in undivided Andhra Pradesh, and more recently emphasising the importance of artificial intelligence, high-tech manufacturing, and quantum computing for Andhra Pradesh's growth.

It was under his wife, Nara Bhuvaneswari, who took charge of Heritage in 1994 when Mr Naidu entered government, the company has expanded steadily, maintaining a reputation for ethical growth and farmer-centric operations without state concessions or preferential contracts. Its net worth rose from Rs 9.99 crore in 1994 to Rs 972 crore in 2025, making it a rare example of a political leader's declared wealth being linked to a transparent, publicly listed enterprise.

On the opposite end of the spectrum is West Bengal Chief Minister Mamata Banerjee of the All India Trinamool Congress (AITC). With declared assets of just Rs 15.38 lakh and no immovable property, she is the least wealthy chief minister in the country.

Among the other chief ministers with the lowest declared assets are Omar Abdullah of Jammu & Kashmir, who has assets worth Rs 55.24 lakh entirely in movable form, and Kerala's Pinarayi Vijayan, who has declared total assets of Rs 1.18 crore, including Rs 31.8 lakh in movable assets and Rs 86.95 lakh in immovable assets.