Hyderabad, Sep 26 (IANS): Andhra Pradesh Chief Minister N. Chandrababu Naidu owns net assets worth Rs.42.4 lakh as on March 31, 2015, down from Rs.70.69 lakh last year, his son N. Lokesh announced on Saturday.

Naidu, his wife Bhuvaneswari, son Lokesh and daughter-in-law Brahmini together have net assets of Rs.46 crore in various forms.

For the fifth consecutive year, Nadiu and his family members declared their assets.

Lokesh, who is also leader of the state's ruling Telugu Desam Party (TDP), explained that Naidu's assets dropped as his bank balance reduced.

Bhuvaneswari, who is managing director of Heritage Foods, owns net assets of Rs.33.07 crore, down from Rs.46.88 crore last year. Her total assets are worth Rs.43.20 crore while liabilities are to the tune of Rs.10.12 crore.

Lokesh is worth Rs.7.67 crore while his wife Brahmini owns net assets of Rs.4.77 crore.

Heritage Foods is valued at Rs.913 crore. The company's turnover was Rs.2,000 crore during 2014-15.

Lokesh said Heritage had only his mother and wife in the company management. Claiming that the company does not enjoy any subsidy from the government, he said it was adhering to all corporate rules and regulations.

Naidu's son said by declaring their assets voluntarily, they showed that trust and transparency were the virtues they live by. He said the other politicians should also declare their assets.

He said if anybody proved that the family own more assets than what they have declared, they would transfer the same to him.