In December 2022, the Uttarakhand government floated a high-profile tender to transform the historic George Everest Estate near Mussoorie into a hub for adventure tourism. Spread across 142 acres, the estate was primed to host paragliding, bungee jumping, rappelling, helicopter joyrides, camping, and hot-air ballooning — all under the state’s Himalayan Darshan programme.

The winning bidder would not only gain access to a fully developed site — complete with parking areas, pathways, a helipad, wooden huts, a café, museums, and an observatory — but would also receive it for an annual concession fee of just ₹1 crore.

But an investigation by The Indian Express has revealed startling details: all three companies that submitted bids for the project — including the one that ultimately won — are controlled by the same man: Acharya Balkrishna, co-founder and Managing Director of Patanjali Ayurved Ltd and long-time associate of yoga guru Baba Ramdev.

The Bidding Process and Balkrishna’s Control

At first glance, the tender attracted competitive interest. Records show three companies submitted bids:

• Prakriti Organics India Pvt Ltd (bid ₹51 lakh annually)

• Bharuwa Agri Science Pvt Ltd (bid ₹65 lakh annually)

• Rajas Aerosports and Adventures Pvt Ltd (bid ₹1 crore annually, and won)

But company filings reveal that Balkrishna holds more than 99% stake in both Prakriti Organics and Bharuwa Agri Science. At the time of bidding, he also owned 25.01% in Rajas Aerosports, later increasing this to a controlling 69.43% stake.

By October 2023 — months after Rajas won the contract on July 21, 2023 — Balkrishna-linked firms such as Bharuwa Agro Solution, Bharuwa Solutions, Fit India Organic, and Patanjali Revolution had collectively acquired another 33.25% stake in Rajas. Meanwhile, Prakriti Organics and Bharuwa Agri Science themselves acquired 17.43% in the company.

This consolidation of ownership starkly contradicts the categorical undertaking bidders had signed, which declared:

“We hereby certify and confirm that in the preparation and submission of this Bid, we have not acted in concert or in collusion with any other Bidder… and not done any act which is or could be regarded as anti-competitive.”

Government’s Response: “No Collusion”

Despite clear overlaps in shareholding, Uttarakhand tourism officials downplayed concerns.

• Amit Lohani, Deputy Director of Adventure Tourism, said the tender was open to all and argued that ₹1 crore was a fair annual rent. He added that the project had already generated over ₹5 crore in GST for the state in two years.

• Col. Ashvini Pundir, Additional CEO of Adventure Sports at the time, dismissed allegations of collusion, stating: “These companies are independent entities… The bottom line is the company is valid and legal.”

• A Rajas Aerosports spokesperson insisted that funding came from a “diverse set of investors” and denied any operational overlap with Patanjali or Balkrishna’s other companies.

Yet, critics point out that such extensive common ownership undermines fair price discovery in government contracts.

The George Everest Project: A Tourism Jewel

The George Everest Estate, established in 1832 by Sir George Everest, was revitalized between 2019 and 2022 through a ₹23.5 crore loan from the Asian Development Bank. By 2023, the government had turned the property into a flagship adventure tourism site.

Originally, UTDB considered awarding the project to Rajas Aerosports on a one-year pilot basis. But by December 2022, officials extended the concession period to 15 years, with a possible 15-year extension.

The winning bid — Rajas’s ₹1 crore annual concession fee — far outstripped the other two bidders (both Balkrishna-owned), making it the automatic choice. The concession fee is set to rise 3% annually.

Rajas Aerosports: From Small Operator to Tourism Powerhouse

Founded in 2013, Rajas Aerosports started with brothers Mayank and Manish Saini, later joined by Haridwar-based Som Suvedi. Balkrishna entered as a shareholder only in 2018.

By March 2023, the shareholder structure was:

• Balkrishna – 25.01%

• Saini brothers – 49.99%

• Suvedi – 25%

But after securing the George Everest project, Balkrishna’s network of companies rapidly consolidated majority control.

The financial impact was immediate:

• Revenue surged eightfold from ₹1.17 crore in FY 2022–23 to ₹9.82 crore in FY 2023–24.

• Losses also rose from ₹58 lakh to ₹2.35 crore, suggesting aggressive reinvestment.

Meanwhile, the project itself became lucrative:

• 2.2 lakh tourists visited since inception.

• 3,402 helicopter rides were booked.

• Parking fees, entry tickets, and adventure activity charges generated substantial revenues.

• Air safaris cost between ₹5,000 and ₹30,999, while chartered helicopter rides reached ₹1.84 lakh per hour.

Expanding Government Favors to Rajas Aerosports

The Uttarakhand government’s support for Rajas Aerosports extends well beyond George Everest Estate.

In April 2023, then Tourism and Civil Aviation Secretary Sachin Kurve wrote to the DGCA recommending Rajas for operating gyrocopter joyrides at four locations.

Under the Uttarakhand State Air Connectivity Scheme, Rajas was awarded a subsidized Jolly Grant–Mussoorie shuttle service, exempt from landing and parking charges. Tickets capped at ₹2,500 per seat were further subsidized by the state.

This put Rajas in direct competition with established operators like Thumby Aviation and Alliance Air, but with preferential cost advantages.

Plans for a Swiss-Style “Luxury Himalayan Destination”

In December 2024, Rajas submitted an ambitious proposal to “transform George Everest into a world-renowned Himalayan destination,” pledging an investment of over ₹500 crore. The plan promised luxury, adventure, and sustainability modeled on Switzerland’s alpine resorts.

By February 2025, tourism officials requested a detailed master plan with 3D layouts, cost breakdowns, and projected footfall for further evaluation.

Why This Matters

This case highlights deep concerns over conflict of interest, transparency, and governance in Uttarakhand’s tourism push.

On paper, the George Everest Estate project was a competitive tender. In reality, all three bidders were controlled by one powerful businessman — Acharya Balkrishna, who also happens to co-found a ₹6,199 crore empire, Patanjali Ayurved.

While state officials argue the tender process was transparent, the Indian Express investigation underscores how corporate cross-holdings can undermine genuine competition, raising questions about whether taxpayers and the state truly got the best deal.

At the same time, the project has undeniably boosted adventure tourism revenues, helping Uttarakhand diversify beyond religious tourism and attract year-round visitors. With the fragile Himalayas limiting road infrastructure, aerial tourism and heli-services are emerging as the next frontier — and Rajas Aerosports is positioning itself at the very center of this transformation.

With inputs from The Indian Express

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