Lok Sabha Elections 2024: TDP Guntur candidate Chandra Sekhar, an NRI, among richest in fray with Rs 5,785-crore assets

TDP's NRI candidate Pemmasani Chandra Sekhar from Guntur holds investments in multiple US-based firms. (Photo courtesy: X)

Telugu Desam Party’s (TDP's) candidate for Guntur Lok Sabha seat, Pemmasani Chandra Sekhar, on April 22 declared family assets worth nearly Rs 5,785 crore, including movable and immovable assets, possibly making him the wealthiest contestant in the current Lok Sabha elections in Andhra Pradesh.

According to an affidavit filed by him, his individual assets amount to Rs 2,448.72 crore, while his wife, Koneru Sriratna, possesses Rs 2,343.78 crore, and his children collectively own nearly Rs 1,000 crore. The family, however, carries a liability of Rs 1,138 crore to JP Morgan Chase Bank of USA in the form of a Line of Credit.

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In a joint filing with his wife, Chandra Sekhar declared Rs 605.57 crore as per the US Tax Cycle Year from January 2022 to December 2022 in that country.

The couple's dependent son, Abhinav Pemmasani, possesses movable assets worth Rs 496.27 crore, whereas their dependent daughter, Sahasra Pemmasani, holds movable assets valued at Rs 496.47 crore.

Additionally, the couple jointly has investments totalling Rs 2,402.36 crore in publicly listed companies in the US.

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The medical professional-turned-industrialist holds investments and shares in multiple US-based firms. As a medical doctor, he completed his MBBS at NTR University of Health Sciences Vijayawada in 1999 and obtained his MD in Internal Medicine from Geisinger Medical Center in Danville, Pennsylvania, in 2005.

In the upcoming elections, Chandra Sekhar will contest against K Venkata Rosaiah from the YSR Congress Party.

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Notably, the founder and CEO of ‘UWorld’, a prominent online learning platform for high-stakes exams, has surpassed Konda Vishweshwar Reddy, the BJP candidate from Chevella Lok Sabha constituency in Telangana, who earlier in the day declared family assets of Rs 4,568 crore.

Reddy had reported family assets of Rs 895 crore in 2019, whereas Chandra Sekhar is making his electoral debut in the fourth phase of Lok Sabha polls scheduled for May 13.

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Chandra Sekhar's possessions include a fleet of five vehicles valued at Rs 6.11 crore, featuring two Mercedes Benz, a Tesla Model X, and a Rolls Royce Ghost. His personal movable assets total Rs 72 crore, while those belonging to his wife amount to Rs 34.82 crore. Both share an equivalent liability burden of Rs 519 crore each. Additionally, the family's collective offshore assets stand at Rs 16.51 crore.

His rise as the TDP's nominee for the Guntur seat follows the decision of the incumbent MP and business magnate, Galla Jayadev, to withdraw from electoral contention, citing a desire to distance himself from the political arena.

Chandra Sekhar is involved in charitable work, particularly in supporting Indian students studying medicine in the US. He was honoured with the prestigious Ernst and Young award in 2020, winning over about 200 prominent business leaders in the US, showcasing his entrepreneurial skills.

Moreover, Chandra Sekhar founded the Pemmasani Foundation, a noteworthy project aimed at organising health camps and providing clean drinking water to villages in the Guntur and Narasaraopet areas.