Semiconductor company Cyan Holdings has reported that 16 firms have submitted proposals for the tender relating to the Tamil Nadu Electricity Board (TNEB) Automatic Meter Reading, and that five of these are based on the company's Cylec technology. TNEB is one of the largest electricity distributors in India. In November it published a tender for the supply of 1.5m meters as part of its consumer network upgrade programme. A ten day full compliance check on all the documents provided at the submission is envisaged, after which authorisation and pilot testing will take at least two months. Shares fell 2.44 percent to 0.40p.
Shares in Victoria slumped over 8% to 302.50p after the firm aborted the formal sales process and the firm is no longer deemed to be in an offer period. On Tuesday, the firm appointed Katherine Innes Ker as the new Chairman.
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