Infosys bags Rs 700-cr postal contract

India’s second largest Information Technology services firm Infosys has managed to bag the Rs 700-750 crore financial services systems integrator contract from the Department of Posts (DoP). This is the second contract from the department for Infosys.

Infosys, said sources, has emerged as the lowest bidder for the contract. Other vendors in the fray includes India’s largest software exporter Tata Consultancy Services and global services giant HP.

A postal department official confirmed the development. 

The contract is part of the government’s postal department modernisation project.  

Earlier this year, Infosys had also managed to bag the 'rural information and communications technology (ICT) system integrator (SI)’ contract, worth Rs 100 crore.

As part of the new project, Infosys would help with postal banking and insurance solutions, enabling the department to perform ‘anytime, anywhere’ banking. 

In August 2010, the Cabinet Committee on Economic Affairs had approved the India Post Modernisation, IT modernisation project with a total outlay of Rs 1,877.2 crore. 

India Posts' IT modernisation initiative is expected to create opportunities of Rs 5,000-crore for IT services and hardware companies.