Heritage Foods: From ₹1 Crore Capital to ₹4,381 Crore Market Value; The Journey of Chandrababu Naidu’s Family Business
Founded in 1992, the dairy company now serves 17 states and connects 3 lakh farmers...
Hyderabad | Heritage Foods, the dairy company founded by former Andhra Pradesh Chief Minister N. Chandrababu Naidu in 1992, has grown into one of India’s leading private dairy enterprises. What started with an authorized capital of just ₹1 crore and a paid-up capital of ₹7,000, today has a market capitalization of ₹4,381 crore on the Bombay Stock Exchange (BSE).
The Nara family, promoters of Heritage Foods, currently hold a 41.3% stake in the company. In June 2024, the company’s market capitalization had touched a high of ₹6,755 crore, and it now has more than 1.8 lakh shareholders.
According to company officials, Heritage Foods is an example of a retail company that progressed without government subsidies or external assistance, relying entirely on consumer acceptance of its products. The idea for the company came in the early 1990s when Chittoor district, Naidu’s home region, faced a milk surplus and marketing crisis. Seizing the opportunity, Naidu launched Heritage Foods in 1992.
The company went public the following year with an IPO that was oversubscribed 54 times, raising ₹6.5 crore. Starting with processing 19,000 liters of milk per day, Heritage Foods posted revenues of ₹4.36 crore and a profit of ₹19 lakh in its very first year.
Currently, Bhuvaneshwari Nara serves as Managing Director, while her daughter-in-law Nara Brahmani, an alumnus of Stanford Business School with global dairy industry experience, has been Executive Director for over a decade. Under their leadership, the company has expanded operations across multiple states.
Today, Heritage Foods is associated with nearly 3 lakh dairy farmers across nine states and its products are available in 17 states across India. The company continues to be a major player in India’s dairy sector.
Meanwhile, as per the ADR (Association for Democratic Reforms) report on Chief Ministers’ assets, Chandrababu Naidu’s declared wealth stands at ₹931 crore, making him one of the wealthiest politicians in the country. Other leaders in the report include Pema Khandu (Arunachal Pradesh) with ₹163 crore, Naveen Patnaik (Odisha, former CM) with ₹63 crore, Arvind Kejriwal (Delhi, former CM) with ₹3 crore, Pinarayi Vijayan (Kerala) with ₹1.18 crore, Omar Abdullah (Jammu & Kashmir) with ₹55.24 lakh, and Mamata Banerjee (West Bengal) with ₹15.38 lakh.
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