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LIC IPO: Govt floats fresh RFP for legal adviser as law firms shy away

Business Standard  

The government has floated a new request for proposal (RFP) to appoint a legal advisor to assist the initial public offering (IPO) of Life Insurance Corporation of India (LIC) as the first tender failed to receive adequate response from law firms. In the revised RFP, the Department of Investment and Public Asset Management (DIPAM) has specified that the time limit for validity of the financial bids shall be three years, implying that the law firm will assist LIC and the government for three years from the time of placing the bid. The previous bid document had stated bidders cannot prescribe any time limit for validity of the financial bid, keeping the timeline of their work open-ended.