Hexa Climate, a portfolio company of I Squared Capital, in collaboration with Asvata, the carbon credit initiative of the RPG Group, has announced the commencement of a large-scale afforestation project in Purulia, West Bengal. The initiative will convert fallow land into forested ecosystems through the plantation of 500,000 trees, with a planned expansion to 1.5 million trees. The project will be registered under the VERRA VM0047 methodology and will utilize satellite monitoring and drone surveillance to ensure transparency, traceability, and verifiable carbon outcomes.
The afforestation efforts are designed to enhance soil fertility, promote biodiversity, and improve groundwater replenishment. In addition to its environmental objectives, the project will support socio-economic development by generating local employment and encouraging sustainable activities such as beekeeping and vermicomposting.
“This initiative into Nature-Based Solutions aligns with our objective to develop climate-resilient infrastructure that supports corporate Net Zero ambitions with accountability and impact,” stated Sanjeev Aggarwal, Founder and Executive Chairman, Hexa Climate.
Navin Mathur, Chief Operating Officer at Asvata, added, “This collaboration represents a model for climate action that benefits both the environment and local communities. We are engaging with local farmers, communities, and forestry experts to implement sustainable best practices and deliver long-term ecological and economic value.”
Hexa Climate delivers Net Zero solutions to corporations across the Asia-Pacific region. Supported by I Squared Capital, which manages over USD 40 billion in assets, Hexa plans to invest over USD 500 million in sectors including renewable energy, battery storage, and carbon offset programs. In response to increased scrutiny over carbon credit integrity, Hexa will offer research-backed, verifiable credits through a Pay-on-Delivery model, ensuring reliability for corporate decarbonization strategies. Upcoming projects include mangrove restoration, biochar production, and biodigester deployment, contributing to a diversified portfolio of scalable climate solutions.
Asvata, the RPG Group’s carbon credit venture, focuses on developing and financing carbon reduction projects that deliver both climate impact and sustainable development outcomes. Based in Mumbai, the company manages the full project lifecycle—from development to portfolio management—and builds high-integrity offset portfolios that help organizations meet sustainability and Net Zero targets. Asvata’s project pipeline encompasses both Nature-Based Solutions and Engineered Removals, reflecting a comprehensive approach to carbon mitigation that supports ecosystem restoration and community resilience alongside emission reductions.
