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Bessermer invests 
80 Crore in Spanco's Power
By siliconindia
Nagpur: Spanco Power Distribution has raised 
80 crore from Bessermer Venture Partners.
Spanco won the contract to distribute power in Nagpur for 15 years from Maharashtra State Electricity Distribution Company by bidding 5350 crore for 70,000 crore power distribution contract. It will supply power to the area falling within municipal limits of the city.
Franchisee Spanco has to perform every activity that was so far done by MSEDCL like collection of bills, attending breakdowns, providing new connections and more.
The bid was invited from the private sector by MSEDCL to curb power distribution losses. CESC, A2Z, Indu Project, Vijay Electrical, CGL, SMS, GTL, Tata Power, Reliance, and India Bulls were among the other bidders for Nagpur Distribution Franchisee.
Spanco is a SEI CMM Level 3 and ISO 9001-2008 certified company focused in the business of creating Technology Infrastructure to help drive governance efficiency across key sectors. Founded in 2011, Spanco Power Distribution handled the power distribution activities of the company.
For Bessemer Venture Partners, this is their third investment in the year 2011, earlier having invested $30 million in Kiran Energy Solar Power and $11.25 million in NetAmbit Infosource with Helion Ventures and Silicon Valley Bank.
80 crore from Bessermer Venture Partners.
Spanco won the contract to distribute power in Nagpur for 15 years from Maharashtra State Electricity Distribution Company by bidding 5350 crore for 70,000 crore power distribution contract. It will supply power to the area falling within municipal limits of the city.
Franchisee Spanco has to perform every activity that was so far done by MSEDCL like collection of bills, attending breakdowns, providing new connections and more.
The bid was invited from the private sector by MSEDCL to curb power distribution losses. CESC, A2Z, Indu Project, Vijay Electrical, CGL, SMS, GTL, Tata Power, Reliance, and India Bulls were among the other bidders for Nagpur Distribution Franchisee.
Spanco is a SEI CMM Level 3 and ISO 9001-2008 certified company focused in the business of creating Technology Infrastructure to help drive governance efficiency across key sectors. Founded in 2011, Spanco Power Distribution handled the power distribution activities of the company.
For Bessemer Venture Partners, this is their third investment in the year 2011, earlier having invested $30 million in Kiran Energy Solar Power and $11.25 million in NetAmbit Infosource with Helion Ventures and Silicon Valley Bank.
