KUALA LUMPUR, Sept 7 — Iris Corporation Bhd (Iris) has received a letter of intent (LOI) from the India Security Press to manufacture Indian e-passports’ amounting to US$27.54 million.
The LOI includes the procurement of 15 million International Civil Aviation Organisation (ICAO)-compliant electronic contactless inlays along with its operating system.
The salient terms of the LOI stated that Iris shall supply a pre-production sample of 1,000 inlays within three months after the LOI is issued, Iris said in a filing to Bursa Malaysia today.
Another term included would be that Iris is requested to furnish a performance security/security deposit equivalent to 10 per cent of the contract value within 21 days from the date of the LOI issuance, it added. — Bernama
