Cyan forecasts 'growing demand' for smart metering solutions in India

The Indian market is gearing up for large scale deployment of advanced metering infrastructure, according to the predictions of software design company Cyan and recent indications from IMS Research.

AIM-listed Cyan said that it welcomed a recent forecast by IMS Research that smart utility meters would account for half of all global meter market revenues by 2016.

The company's smart metering solution for utilities, known by the trade mark CyLec, provides an integrated platform enabling utilities to transform existing power grid infrastructure into the smart grid.

A statement from the company read: "This prediction for the Asian market is of particular interest to Cyan, which has its smart metering solution for utilities deployed in multiple projects throughout India."

The company is involved in the Tamil Nadu Electricity Board's Automatic Meter Reading pilot project and it is also participating in a smart grid project in Puducherry through one of its partners.

Cyan is also involved in an Advanced Metering Infrastructure pilot project for an integrated power company in Mumbai through one of its strategic partners.

John Cronin, Executive Chairman of Cyan, commented: "In recent months we have seen how the Indian market is gearing up for large scale deployment of AMI. Our involvement in a number of pilot projects in India demonstrates the capabilities of our CyLec solution. We are confident that Cyan is well positioned to meet the growing demand for smart metering solutions in India and worldwide."

Cyan's shareprice was up 8.67% to 0.82p at 11:08 on Tuesday morning.

MF