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News >> Technology >>
Major IT firms vie for Rs 300 crore LIC contract
By siliconindia
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Thursday, 11 December 2008, 16:53 IST
Bangalore: As Life Insurance Corporation of India (LIC), a player in the life insurance segment is expected to float a tender for Rs 200-300 crore IT outsourcing contract, the country's leading IT services providers, including Tata Consultancy Services (TCS), Wipro, Satyam Computer Services and HCL Technologies, are in the process of bidding for the same, reported Business Standard.
LIC is planning to modernize its existing front-end application package (FEAP), which is COBOL-based, to make it accessible through the web. After submission of the bid, LIC will go for a technical evaluation of the documents. Part of the investment is also said to go towards increasing the bandwidth and installing new hardware and software solutions. The finalization of the contract is expected to be complete by the end of January next year.
LIC has fixed few criteria for the participating companies, which include the bidder to be at least Rs 1,000 crore in revenue size, and should have at least 1,500 people working on legacy modernization-related projects relating to banking sector. LIC also wants the whole modernization to be completed within 9-12 months.