The deal, which is expected to be completed by December-end, also includes sale of Air India Express and ground handling arm AISATS.
DIPAM, which manages the government's equity in public sector companies, had on July 7 floated the request for proposal for appointing a transaction advisor for RINL or Vizag Steel.
As per the latest notification issued on Friday, the last date for submission of bids has been extended from August 17 to 26.
According to Department of Investment and Public Asset Management, request for proposal (RFP) is for legal adviser, advertising agency, book running lead managers and registrar for LIC IPO.
The Budget amendments to the LIC Act has been notified and the actuarial firm is expected to finalise the embedded value of the life insurer.
Agitating workers' unions leaders led by Visakha Ukku Parirakshana Porata Committee staged a sit-in at the plant main gate and even staff and workers of ‘A shift’ were not allowed to enter the plant.
Accordingly, the Department of Investment and Public Asset Management invited proposals for engagement of a legal advisor and transaction advisor for completing the transaction.
The Cabinet is likely to consider the sale of government's 51 per cent stake in Hindustan Petroleum Corp Ltd to Oil and Natural Gas Corp for over Rs 26,000 crore.