The company in a tweet has confirmed that OnePlus One smartphone owners in India will receive the Android Lollipop-based CM12S software update. OnePlus came up with a new ROM known as Oxygen OS for the device owners.

Director of OnePlus global, Carl Pei replied to a customer's tweet on March 23 saying  that the Indian users will receive the new build of CyanogenMod as an over-the-air (OTA) update. Although, he didn't say anything as of when the update will be rolled out.

OnePlus One device was launched in December last year. OnePlus One sports a 2.5GHz Qualcomm Snapdragon 801 processor, 5.5-inch display, 3GB RAM, 64GB memory, 13MP rear and 5MP front camera, 3,100 mAh battery, 4G support and NFC. It runs CyanogenMod 11S, a custom aftermarket version of Android, developed by Cyanogen.
The official OTA update for OnePlus One is scheduled for March 30 or it might be released before that. The official release for the Lollipop based ROM known as Oxygen OS will be made available for downloads and upgradation on 27th March.  And if the company misses their headlines, it will be distributing five 64GB handsets for free.  

“To show you how serious we are about this commitment to our community, we are prepared to put our money where our mouth is. If we miss either one of these deadlines, we will give away five (5) 64GB OnePlus One devices to our fans. Reply to this thread to be eligible.”

A lot of speculations are being made, but we can do nothing more than patiently wait for the life changing experience.