Narrowband networks technology company CyanConnode is continuing to turn to letters of credit (L/Cs) to grow its business whilst adapting to working under coronavirus crisis conditions.

Earlier this year the company said it was using L/Cs in response to the crisis and to alleviate financial problems caused by delays in a major Indian contract (DC World News, 11 September 2020).

New order

CyanConnode has announced a new order to supply 350,000 Omnimesh smart metering units to Indian power utility Madhya Pradesh Paschim Kshetra Vidyut Vitaran Company.

The London-listed company says it expects to generate revenue from the contract over the next two years with the majority of payments secured against an L/C.

Indian rollout

The power utility owned by the government of Madhya Pradesh serves more than three million consumers, and has already bought 120,000 Omnimesh units.

The latest order will increase the total number of the utility's smart meters to 470,000.

This article represents the views of the author and not necessarily those of the ICC or Coastline Solutions.