The Uttarakhand Tourism Development Board (UTDB) had invited bids to develop 142 acres at the scenic George Everest Estate near Mussoorie. The project includes parking areas, walking pathways, a helipad, wooden huts, a café, two museums, and an observatory, with an annual concession fee of ₹1 crore.
According to documents reviewed by The Indian Express, all three firms that participated in the tender were linked to Balkrishna. He holds more than 99% stake in Prakriti Organics India Pvt Ltd and Bharuwa Agri Science Pvt Ltd. In the third bidder, Rajas Aerosports and Adventures Pvt Ltd, Balkrishna initially owned 25.01% during the bidding process and later increased his stake to 69.43%. Additionally, Prakriti Organics and Bharuwa Agri Science purchased 17.43% of Rajas Aerosports, while four other Balkrishna-linked companies together acquired 33.25%.
The tender required bidders to confirm they were not acting in concert with others, raising questions of possible conflict. UTDB rules also allow cancellation if corrupt or fraudulent practices are found.
However, Uttarakhand tourism officials maintain the process was fair and open. Amit Lohani, Deputy Director of the Tourism Department’s adventure tourism wing, stated that the tender was transparent and brought over ₹5 crore in GST to the state in two years, apart from the lease amount. Col Ashvini Pundir, UTDB’s Additional CEO (Adventure Sports) during the tender, said, “These companies are independent entities. We award the contract to the highest bidder, provided the company is valid and legal.”
A spokesperson for Rajas Aerosports denied any wrongdoing, calling it “factually incorrect and misleading to equate passive shareholding by an investor with collusion,” and emphasized that management decisions rest solely with the founders and managing director.
