Nama Nageshwar Rao, one of richest politicians, quits TDP; may join TRS

Hyderabad, Mar 19: In a setback to the TDP ahead of Lok Sabha polls, Industrialist-turned-politician Nama Nageshwar Rao on Tuesday quit the party.

In a letter to TDP chief and Andhra Pradesh Chief Minister N Chandrababu Naidu, he said he has decided to resign as the party's "existence has become a question in Telangana" despite his and the TDPs best efforts to rejuvenate it, he said in the letter shared with the media.

The development assumes significance in the light of reports that Mr. Nageswara Rao has been planning to switch loyalty to Telangana Rashtra Samithi (TRS ) and is aspiring to contest from Khammam Lok Sabha seat on behalf of the ruling party.

The Congress is also trying to woo Rao into the party and reserved the party ticket for Khammam for him. However, the former MP is understood to have preferred TRS to Congress.

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Rao had served as MP from Khammam. During his stint as an MP from 2009 to 2014, Rao was one of the richest MPs in the country at the time. In 2014 general elections, he declared assets worth Rs 338 crore. In 2018 assembly elections, however, he declared assets worth Rs 113 crore.

He unsuccessfully contested the Assembly polls in December last on TDP ticket.

The Telugu Desam Party managed to win only two seats in the Assembly polls in the 119-member house.

It had contested the elections in alliance with the Congress and others.