Rs 10 lakh capital, under Rs 10 lakh revenue — yet a Rs 4,000-crore Davos MoU

Public records raise questions on due diligence in Yoki Green Energy deal

By Vikrant Patil

Mumbai: At the World Economic Forum in Davos, the Maharashtra government announced a series of investment memorandums of understanding, projecting large-scale inflows and job creation in the state. Among these announcements was a ₹4,000-crore MoU with Yoki Green Energy Private Limited, under which renewable energy projects and around 6,000 jobs were promised.

However, an examination of publicly available corporate and financial records shows significant gaps between the scale of the announced investment and the company’s disclosed financial and operational profile.

Yoki Green Energy Private Limited was incorporated on July 14, 2022, according to filings with the Ministry of Corporate Affairs. The company came into existence barely 18 months before the ₹4,000-crore MoU was announced at Davos. Its Corporate Identification Number is U23100MH2022PTC386729, and it is registered as a private, non-government company. Public databases list its registered office in Kandivali West, Mumbai, though the address varies across different information platforms.

Financial disclosures available in the public domain show that the company has an authorised share capital of ₹10 lakh. Its paid-up capital is reported as between ₹1 lakh and ₹1.22 lakh, depending on the source. For the financial year 2024–25, the company’s reported revenue stands at approximately ₹9.37 lakh. Despite this financial profile, the Maharashtra government announced a ₹4,000-crore MoU with the company at Davos.

Public records also show inconsistencies regarding the company’s line of business. MCA-linked databases and platforms such as Tracxn classify Yoki Green Energy’s principal activity as the manufacture of coke oven products. Other business information sources describe its operations as manufacturing related to metals and chemicals. Separate reports refer to plans for a 120 KLPD grain-based distillery and a 3.0 MW captive power plant in Palghar district of Maharashtra.

In contrast, the MoU announced at Davos refers to investments in solar and wind energy projects under the renewable energy sector. The difference between the company’s registered business activities and the project claims made in the MoU has drawn attention.

There are also variations in publicly available information regarding the company’s directors. IndiaFilings lists Satyajit Sudhir Tambe, Someshwar Suryabhan Diwate and Amit Bhagwat Pawar as directors of the company. Meanwhile, the annual report of MEFCOM Capital Markets Limited refers to Sameer Rajendra Purohit as a director of Yoki Green Energy Private Limited.

With the ₹4,000-crore MoU now in the public domain, questions regarding the company’s financial capacity, sectoral experience, project execution capability and the due diligence carried out prior to the agreement are expected to be addressed as the project moves forward.

Meanwhile, TheNews21 was contacted by Satyajeet Tambe following attempts to reach him earlier. Tambe said that he supports start-ups and provides seed funding to young entrepreneurs. He stated that he had started the company in 2021 but is no longer a director of Yoki Green Energy Private Limited. According to Tambe, he resigned from the post of director around five to six months ago, though he said he did not immediately recall the exact date of cessation.Tambe further clarified that he did not travel to Davos and was not involved in signing the MoU announced at the World Economic Forum. He added that the company is now being run by young promoters and that it has since received foreign direct investment (FDI) from foreign investors.