Spanco, Essel deal for Nagpur’s power franchise almost through

The deal between Spanco and Essel Group for running the franchisee operations in the city jointly is almost through. Sources in MSEDCL said that the deal was cleared in principle as of Tuesday evening. Now the details are being worked out.

Sources in MSEDCL further said that Essel Group would infuse capital into the joint venture, which will enable SNDL, Spanco’s special purpose vehicle (SPV) for Nagpur operations to pay Rs 200 crore dues to MSEDCL. Essel will also invest money for upgrading power infrastructure in franchisee area.

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