Ramdev Aide Balkrishna Wins Uttarakhand Tourism Project After All 3 Bidding Firms Linked To Him: Report

(MENAFN- Live Mint) All three firms that bid for the adventure tourism project near Mussoorie's George Everest Estate in Uttarakhand - including the one eventually awarded the contract - shared the same shareholder, Acharya Balkrishna, an investigation by The Indian Express has found.

Balkrishna is the co-founder and managing director of the ₹6,199-crore consumer goods company Patanjali Ayurved Ltd and Baba Ramdev's longstanding trusted aide.

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The Uttarakhand government had invited bids for the project in December 2022, offering 142 acres of land along with parking facilities, pathways, a helipad, five wooden huts, a café, two museums, and an observatory developed by the Uttarakhand Tourism Development Board, in return for an annual concession fee of ₹1 crore, the Indian Express report said.

Balkrishna violated tender norms, the report said

Balkrishna holds more than 99 per cent stakes in two of the three bidders, Prakriti Organics India Pvt Ltd and Bharuwa Agri Science Pvt Ltd. In the third company, Rajas Aerosports and Adventures Pvt Ltd , which was finally given the letter of award in 2023, Balkrishna had a 25.01 per cent stake at the bidding stage. Months after it was awarded the letter, Balkrishna held a majority shareholding of 69.43 per cent.

Prakriti and Bharuwa, which bid along with Rajas, acquired 17.43 per cent in it in October 2023. Separately, four other companies, Bharuwa Agro Solution, Bharuwa Solutions, Fit India Organic and Patanjali Revolution , all owned by Balkrishna, acquired 33.25 per cent in Rajas.

As per the norm, the bidders must sign an undertaking declaring they have not colluded with others or engaged in anti-competitive practices. The tender also makes it clear that if the Uttarakhand Tourism Development Board (UTDB) finds any operator guilty of corrupt or fraudulent practices, the contract can be cancelled.

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Tourism officials, however, said the process was open to all, shareholding overlaps were not unusual, and the contract simply went to the highest bidder, according to the report.

The Indian Express report said the Uttarakhand government pushed to involve Rajas in more key projects. Balkrishna was not a shareholder when Rajas was incorporated by brothers Mayank Saini and Manish Saini in 2013, but became a shareholder in July 2018, according to the report.

After the letter of award was issued to Rajas, more companies linked to Balkrishna became shareholders of the firm.

Out of the six shareholding companies of Rajas, five companies-Prakriti Organics India , Patanjali Revolution, Bharuwa Agro Solution, Bharuwa Agri Science, and Fit India Organic-entered the register on October 9, 2023.

Balkrishna violated tender norms, the report said.

Bharuwa Solutions was entered in the company's register on January 17, 2024. Under section 88 of the Companies Act, companies have to maintain a register showing members and shares held by them, the IE investigation says.

Balkrishna is the majority shareholder in all the six companies.

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