Cyanconnode Indian subsidiary receives LOI from Government of Goa

(Sharecast News) - Radiofrequency networks business Cyanconnode said on Monday that its Indian subsidiary had been issued a letter of intent for a contract worth roughly £70.0m from the Government of Goa. Cyanconnode said the contract, won by its DigiSmart subsidiary, was with the Government of Goa's Electricity Department and will see it deploy approximately 750,000 smart metres.

In May and June 2024, DigiSmart was empanelled as an Advanced Metering Infrastructure Service Provider, enabling it to bid for and lead smart metering projects in India, using both RF and cellular technology. Today's announcement marks Cyanconnode's first LOI as an AMISP.

"The state cabinet has now approved the project, appointing DigiSmart as the lead consortium member responsible for installing the meters, communications, cloud services and meter data management system and has issued the LOI for this project," said Cyanconnode.

"The full work order is anticipated to be issued over the coming weeks with work then expected to start this quarter following network planning and the agreement of contracts with sub-contractors."

As of 1120 BST, Cyanconnode shares were up 3.23% at 13.42p.







Reporting by Iain Gilbert at Sharecast.com