Iris secures LOI for $27m India ePassport project


The request, from India Security Press, is for the procurement of 15 million International Civil Aviation Organisation (ICAO) compliant contactless inlays and its operating system.

Iris told Bursa Malaysia on September 7 that the LOI, dated Sept 6, is for a project worth US$27.54mil (RM114mil).

The tenure of the Project is expected to be commencing from the date of the LOI until end of June 2023.

Under the LOI, Iris will supply supply pre-production sample of 1,000 inlays within three months after issuance of the LOI.

"The company is requested to furnish Performance Security/Security Deposit equivalent to 10% of contract value within 21 days from the date of issuance of the LOI," Iris said.

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