The Heritage Foods Limited on Sunday condemned the allegations against the financial performance of the company by Opposition leader Y.S. Jaganmohan Reddy.
Heritage Foods Limited president M. Sambasiva Rao said Mr. Jagan had levelled baseless allegations and launched false propaganda against the company for political gains.
The company functioned on sound principles of transparency and corporate governance. The company also received Golden Peacock Award in London by the Institute of Directors for Excellence in Corporate Governance. “All the corporate actions of our company are aimed at the welfare of farmers and health of consumers,” he said. Efficiency and commitment were functions of a company's profitability, he said. The company had been borrowing required funds from the banks from time to time for its expansion and repaying the debt. The Heritage Foods expanded dairy operations to 10 States and retail operations to three States over 25 years. The financial gains or the growth of the business had not been achieved overnight. The company provided employment for more than 5,000 directly and for more than 15,000 indirectly, he said.
Sincere efforts had been made in building the Heritage Brand as high quality milk and milk products brand for the last 25 years. The company was extending the maximum possible welfare measures to the farmers and providing marketing opportunity for their surplus milk. The Heritage Foods was growing on its own strength without availing itself of any undue benefitsfrom the government, he said.
