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KUALA LUMPUR: Iris Corp Bhd said it has received a letter of intent (LOI) from India Security Press for the procurement of 15 million International Civil Aviation Organisation (ICAO) compliant contactless inlays and its operating system.

The inlays and operating system are required for the Indian e-passport project.

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

Under the LOI, Iris will supply supply pre-production sample of 1000 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.