With assets worth Rs. 3,909 cr, Hetero chief may be richest Rajya Sabha nominee from TS

As per the affidavit filed by Mr. Parthasaradhi with the Election Commission, his movable properties are pegged at Rs. 3,858 crores while his immovable properties are pegged at Rs. 50 crores.

By Sumit Jha  Published on  26 May 2022 2:02 PM GMT
With assets worth Rs. 3,909 cr, Hetero chief may be richest Rajya Sabha nominee from TS

Hyderabad: The assets of Telangana Rashtra Samithi (TRS) Rajya Sabha nominee and Hetero Group chairman Bandi Parthasaradhi Reddy are pegged at around a whopping Rs. 3,909 crores making him the richest Rajya Sabha nominee from Telangana.

The Hetero Pharmaceutical Group is engaged in the business of manufacturing intermediates, Active Pharmaceutical Ingredients (APIs), and formulations. A majority of the products are exported to foreign countries, primarily the USA, Europe, Dubai, and African countries.

As per the affidavit filed by Mr. Parthasaradhi with the Election Commission, his movable properties are pegged at Rs. 3,858 crores while his immovable properties are pegged at Rs. 50 crores. The Hetero Group chairman's revenue is Rs. 135 crores.

Most of Mr. Parthasaradhi's assets lie in the shares of Hetero labs, Honour Labs, Hetero Drugs, Hindys Labs, and Hazelo labs. He also has mutual fund investment of Rs. 179 crores.

There are four cases registered against him. All these four cases are under the Drugs and Cosmetics Act. Of the four cases, two are filed in Muzaffarpur in Bihar, one in Salem, Tamil Nadu, and one in Solan, Himachal Pradesh.

Meanwhile, his wife Bandi Kalavathi's assets are pegged at Rs. 1,276 crores. She has movable properties of Rs. 1,249 crores and while her immovable assets are pegged at Rs. 27 crores.

Interestingly, the couple doesn't own any vehicle in their names. Their liabilities are worth Rs. 73 lakhs. Under Hindu Undivided Family (HUF), Mr. Parthasaradhi's assets are pegged at Rs. 114 crores.

It should be recalled that on 6 October 2021, the Income Tax officials had searched the Hyderabad-based Hetero labs and seized Rs. 142 crores. The estimated amount of unaccounted cash had amounted to around Rs. 550 crores.

The anti-tax evasion wing of the Income Tax department carried out searches against the giant group on 6 October at 50 locations across six states with Hyderabad as its epicentre.

Also, Mr. Parthasaradhi has donated 5 kg gold to the newly-inaugurated Sri Lakshmi Narasimha Swamy Temple in Yadadagirigutta. Last year, he was appointed a member of the Tirumala Tirupati Devasthanams (TTD), the body which administers Tirupati's Lord Venkateswara temple.

Hetero Drugs also figures in a CBI charge sheet filed against Andhra Pradesh Chief Minister Y.S Jagan Mohan Reddy in the disproportionate assets case, which is going on at a special CBI court in Hyderabad.

Damodar Rao Deverkonda

The other nominee from the TRS, Telangana Publications Group chairman and managing director Damodar Rao Deverkonda's assets are pegged at around Rs. 121 crores.

The movable properties of the publishing company owner are pegged at Rs. 84 crores while his immovable properties are pegged at Rs. 37 crores. His wife Swarupa Rani has assets worth Rs. 1 crore. She doesn't have any immovable assets.

Under Hindu Undivided Family (HUF), Mr. Rao has an asset of Rs. 49 crores. No cases have been filed against him.

The assets of the recently-elected TRS Rajya Sabha MP Vaddiraju Ravi Chandra is pegged at Rs. 46 crores. He was unanimously elected for a two-year term. According to the affidavit filed by the MP with the Election Commission of India, most of the properties are shares in Gayatri Granites and lands in Telangana. The MP is in the granite and mining business.

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