When the Uttarakhand Tourism Development Board (UTDB) floated a tender in December 2022 to promote adventure tourism at the George Everest Estate near Mussoorie, it promised bidders a generous package. The winning operator would get access to 142 acres of land, five wooden huts, a cafe, two museums, an observatory, parking, pathways and even a helipad, all developed at public expense. This would be in return for an annual concession fee of just Rs 1 crore.
Three companies came forward, but an Indian Express investigation later revealed that all had a common shareholder – Acharya Balkrishna, co-founder and managing director of Patanjali Ayurved Ltd, the consumer goods giant he built alongside yoga guru Baba Ramdev.
What do we know of Balkrishna’s shareholdings in three companies?
Records show Balkrishna owned more than 99% of both Prakriti Organics India Pvt Ltd and Bharuwa Agri Science Pvt Ltd, two of the bidders. The third, Rajas Aerosports and Adventures Pvt Ltd, was the eventual winner. At the time of bidding, Balkrishna held 25% in Rajas, but his stake rose to over 69% after the contract was awarded in July 2023.
Further acquisitions by other Balkrishna-controlled firms, including Patanjali Revolution and Fit India Organics, raised fresh questions about whether the competition was genuine. Tender rules required bidders to declare that they had not acted “in collusion”, yet all three were linked by ownership.
What Uttarakhand government said?
Despite the apparent conflict, tourism officials insisted that the process was transparent. Amit Lohani, Deputy Director in the Tourism Department, said the Rs 1 crore annual rent was assessed fairly and “anyone could participate”. He added that the state had already collected over Rs 5 crore in GST from the project.
Pundir, who was the Additional CEO (Adventure Sports), UTDB, when the tender was floated, echoed this line, saying that independent companies had a right to bid and that the authorities looked only at valid offers.
“It is not collusion because these companies are independent entities. We do not go for a witch hunt of companies and their backgrounds. You just give the highest bidder the tender, and the bottom line is the company is valid and legal,” said Pundir.
Rajas Aerosports also denied wrongdoing, calling the allegations “factually incorrect and misleading” and insisting that investors had no operational control.
A Rajas Aerosports spokesperson said the company raised funding from a “diverse set of investors over the years (but) all strategic, operational, and management decisions of the company are solely taken by its founders and managing director”.
“It is factually incorrect and misleading to equate passive shareholding by an investor with collusion,” the spokesperson added.
What is George Everest Estate?
The George Everest Estate, once the home of the 19th-century surveyor-general Sir George Everest, has been renovated at a cost of Rs 23.5 crore with funds borrowed from the Asian Development Bank. The project was folded into the state’s “Himalayan Darshan” programme, with plans for paragliding, rock climbing, hot air ballooning and gyrocopter rides.
Rajas Aerosports initially won the 15-year concession, offering the highest annual fee. Officials later also recommended the firm for air safari services under the Uttarakhand Civil Aviation Development Authority’s scheme, giving it subsidised routes and exemptions from landing charges.
No transparency
Rajas Aerosports was originally founded in 2013 by Ghaziabad-based entrepreneurs. Balkrishna entered the company in 2018, long before the tender, but consolidated his influence only after the award. By October 2023, five of his companies had formalised shareholdings in Rajas, making him the dominant figure.
Experts argue this pattern undermines fair competition and violates the spirit of the procurement process. Yet the firm maintains that it operates independently, has no organisational link with Patanjali, and won the contract in a “transparent, competitive” process.
For the government, the George Everest project is a flagship in its effort to promote high-end adventure tourism. But the revelation that all bidders were effectively backed by a single powerful industrialist leaves lingering questions about fairness, accountability and the integrity of public procurement in Uttarakhand’s tourism sector.