Cyril Amarchand Mangaldas advised Hexa Climate on pioneering afforestation project in West Bengal
Cyril Amarchand Mangaldas advised Hexa Climate, a portfolio company of I-Squared Capital, on the structuring and execution of a pioneering afforestation project in the Purulia district of West Bengal, in collaboration with Asvata, the carbon credit venture of the RP Sanjiv Goenka (RPSG) Group.
The project envisions converting fallow land in selected areas of Purulia into thriving forest cover, with an initial target of planting 500,000 trees, potentially scaling to over 1.5 million trees. The carbon credits generated from this initiative will be harnessed through VERRA (formerly Voluntary Carbon Standard), a U.S.-based carbon offset organization that specializes in the AFOLU (Agriculture, Forestry, and Other Land Use) sector, as well as energy, transport, waste, and manufacturing sectors. The project will follow the VM0047 methodology for carbon credit mapping and will utilize drones and remote monitoring tools for tracking afforestation and conservation outcomes.
The Cyril Amarchand Mangaldas team was led by Ajay Sawhney (Partner, Head – Northern Region) and Bhupendra Verma (Partner), with support from Shubham Singh (Senior Associate) and Anurag Mawai (Associate).
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