Dehradun: The Uttarakhand government’s tourism board awarded a showpiece project at the George Everest Estate near Mussoorie to Rajas Aerosports and Adventures Pvt Ltd, a company in which Patanjali co-founder Acharya Balkrishna holds a significant stake. The tender, floated in December 2022 to promote adventure tourism, has sparked concerns after an investigation revealed that all three bidding companies are linked to Balkrishna.
The project offers 142 acres of land, parking, pathways, a helipad, five wooden huts, a café, two museums, and an observatory, all developed by the Uttarakhand Tourism Development Board (UTDB). The successful bidder is required to pay an annual concession fee of Rs 1 crore.
Multiple bidders, same shareholder
Company records show that Balkrishna directly or indirectly controls all three bidding firms: Prakriti Organics India Pvt Ltd, Bharuwa Agri Science Pvt Ltd, and Rajas Aerosports. He holds more than 99% in the first two companies, while his stake in Rajas Aerosports grew from 25.01% at the time of bidding to 69.43% months after the award.
Despite tender norms explicitly forbidding collusion — bidders must certify they “have not acted in concert or collusion with any other bidder” — all three companies have shared ownership links through Balkrishna.
Government response
Asked about the overlap in shareholding, Amit Lohani, Deputy Director of UTDB’s adventure tourism wing, said, “The tender was open, and anyone could participate. This is not an unusual matter that some have shareholding in other companies.” He also noted that over Rs 5 crore has been collected in GST over the last two years from the project area.
Col Ashvini Pundir, former Additional CEO (Adventure Sports), UTDB, said, “It is not collusion because these companies are independent entities. We do not go for a witch hunt of companies and their backgrounds. The bottom line is the company is valid and legal.”
A Rajas Aerosports spokesperson added that while the company received funding from a diverse set of investors, all strategic, operational, and management decisions remain with its founders. “Passive shareholding by an investor does not equate to collusion,” the spokesperson said.
George Everest Estate project
The George Everest Estate, established in 1832, is part of the Himalayan Darshan programme, allowing adventure activities such as paragliding, bungee jumping, rock climbing, camping, rappelling, hot air ballooning, and gyrocopter rides on 142 acres. The project was initially assessed on a one-year pilot basis in July 2022 before the 15-year tender process commenced.
Rajas Aerosports was incorporated in 2013 and engages in commercial activities related to adventure sports, skydiving, water sports, and aero sports. Its current directors are Manish Saini, Som Suvedi, and Balkrishna. Records show that after the award, five more Balkrishna-linked companies acquired stakes in Rajas Aerosports between October 2023 and January 2024.
Additional projects and government support
Beyond the Everest project, Rajas Aerosports was awarded a pilot air connectivity project under the Uttarakhand State Air Connectivity Scheme. The scheme allows subsidised shuttle services, including from Jolly Grant helipad to George Everest Estate, with capped ticket prices and exemptions from landing and parking charges.
Reactions and clarifications
A Patanjali spokesperson confirmed the company’s investment in Rajas Aerosports. The Rajas spokesperson reiterated that “investment by any individual or entity does not translate into management control” and that all tenders and partnerships comply with applicable procedures.
The development has raised questions about transparency, potential conflicts of interest, and adherence to competitive tender norms in Uttarakhand’s adventure tourism projects.