With Cyanogen partnering with Micromax in India, Micromax will be getting exclusive right for Cyanogen update. This also means that OnePlus One handset that will go on sales on 2nd December though will come loaded with Cyanogen OS, will not get software updates in the future.
So Cyanogen based on Lollipop will never happen on the Indian version, however the OnePlus One Global version will continue getting updates. OnePlus had also started developing their own customized ROM and they will roll out the same for the Indian users, probably later on they will go solo with their customized ROM and skip Cyanogen in the future.
There are two things that made the OPO a killer flagship model – the hardware and the Cyanogen software. I guess it will impact the sales of OPO in India. But it is a good thing that the OnePlus company has started developing their own ROM, better not to be depended on others, and now they know it better.
We will have to wait and see if they can really come up with something as good as or better than Cyanogen. For the time being OPO Global version will continue getting updates, probably users may be able to upgrade the Indian version to Global.