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(Sharecast News) - Narrowband mesh network specialist CyanConnode announced on Wednesday that its subsidiary, CyanConnode India, has received an order from Montecarlo for 983,525 'Omnimesh' modules, together with advanced metering infrastructure, standards-based hardware, Omnimesh head-end software, a perpetual licence, and a support and maintenance contract.
The AIM-traded firm said the order related to a smart metering deployment in Jabalpur, Madhya Pradesh.
It was won against a "very competitive" field, the board said, with the supply of Omnimesh modules expected to start during the first quarter.
The company said the installation of smart meters would be finished within 30 months, and would be followed by a seven-and-a-half-year support and maintenance contract, which would start on completion of the installation phase.
Around 60% of the contract would be paid for during the installation phase, against either letters of credit, or via a trade finance portal with 30-day payment terms.
The remaining 40% of the contract would be paid for in equal monthly instalments over the support and maintenance contract period.
CyanConnode said certain components required for the contract had been purchased in advance, to ensure that contract delivery dates would be met.
"I am delighted to announce our first order from Montecarlo, which is a diversified infrastructure development company based in India," said executive chairman John Cronin.
"This contract is our third project in Madhya Pradesh, following two Omnimesh deployments for Madhya Pradesh Paschim Kshetra Vidyut Vitran (MPWZ) in Indore.
"The contract is another circa-one million Omnimesh module order, which is testament to our standards-based cutting-edge technology, skills and understanding of the Indian smart metering ecosystem."
Cronin said Indore's smart metering infrastructure was already running on an Omnimesh RF mesh network, adding that the deployment had become a "case study" for other distribution companies across India.
"The project has been a triumph for MPWZ, who achieved a return on investment in only two and a half years.
"CyanConnode's and Montecarlo's combined local knowledge and project implementation experience will assist in the successful execution of this project and we are confident that our partnership will go from strength to strength."
At 1520 GMT, shares in CyanConnode Holdings were up 10.53% at 15.75p.
Reporting by Josh White for Sharecast.com.
