Ranked 2nd Fastest-Growing UK Company in India
15 November 2023
CyanConnode Holdings plc
("CyanConnode" or the "Company")
CyanConnode Ranked 2nd Fastest-Growing UK Company in India
CyanConnode Holdings plc (AIM: CYAN), a global leader in Narrowband Radio Frequency (RF) Smart Mesh Networks, is pleased to announce that its Indian subsidiary, CyanConnode Pvt Ltd, has been recognised as the second fastest-growing UK company in India, according to the prestigious Britain Meets India (BMI) 2023 report.
The BMI 2023 report, a collaborative effort by Grant Thornton Bharat, the Confederation of Indian Industry (CII), and supported by the UK government's Department for Business and Trade (DBT), identifies and ranks the fastest-growing UK businesses based on their operational growth and employment contribution in India.
Key Highlights of the BMI 2023 Report:
· CyanConnode Pvt Ltd has been ranked as the second fastest-growing UK company in India.
· The report analysed 635 UK-owned or controlled companies in India.
· Companies featured in the report have shown an annual turnover of more than INR 500 million and at least 10% year-on-year revenue growth.
· The collective turnover of these companies is approximately INR 4,888.4 billion (£51 billion), employing around 666,992 people.
· The UK-India bilateral trade relationship is valued at over £35 billion, with the UK being a significant investor in India.
CyanConnode Pvt Ltd specialises in Smart Internet of Things (IoT) communication solutions for Advanced Metering Infrastructure (AMI) in India, particularly in the design and development of Narrowband RF mesh networks that support Omni IoT communications. The company's innovative approach to smart metering communications infrastructure has led to the installation of over 1.5 million RF nodes across India, significantly enhancing service delivery, business efficiency, energy savings, and carbon emission reduction for its customers.
John Cronin, Executive Chairman of CyanConnode, commented:
"We are honoured to be recognised by the BMI 2023 report as one of the fastest growing UK companies in India. This accolade is a testament to our team's hard work and the strong relationships we have built with our customers in India. We remain committed to delivering innovative solutions that contribute to the smart infrastructure of the future."
For more details on the BMI 2023 report and CyanConnode's operations, investors and interested parties can refer to the full report - https://www.grantthornton.in/en/insights/articles/britain-meets-india-report-2023/
The company looks forward to continuing its growth trajectory in India and contributing to the strengthening of UK-India trade and investment ties.
Ends -
Enquiries:
CyanConnode Holdings plc Tel: +44 (0) 1223 865 750
John Cronin, Executive Chairman www.cyanconnode.com
Strand Hanson Limited (Nominated and Financial Adviser) Tel: +44 (0) 20 7409 3494
James Harris, Richard Johnson, David Asquith
Zeus Capital Limited (Broker) Tel: +44 (0) 20 3829 5000
Simon Johnson, Alexandra Campbell-Harris
About CyanConnode
CyanConnode (AIM:CYAN.L), is a world leader in Narrowband Radio Frequency (RF) Smart Mesh Networks, which are used for machine to machine (M2M) communication. As well as being self-forming and self-healing, CyanConnode's RF Smart Mesh Networks are designed for rapid deployment, whilst giving exceptional performance and competitive total cost of ownership.
In June 2018, CyanConnode launched its award-winning Omnimesh Advanced Metering Infrastructure (AMI) platform, which has already gained considerable commercial traction, especially in India which is a key market for the Company.
Through a Global partner eco-system, which is vendor agnostic, CyanConnode has several routes to market, therefore it is well positioned to capitalise upon increasing Global demand for smart metering solutions.
For more information, please visit www.cyanconnode.com
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