Mumbai Oct 11 (IANS) Reliance Nippon Life Asset Management on Thursday announced it has received a mandate from the Employees State Insurance Corporation (ESIC) to manage its funds.

"We are particularly proud to have received this mandate which is a reaffirmation of our strong investment processes and consistent track record of delivering returns " said Sundeep Sikka Executive Director and CEO Reliance Nippon Life Asset Management in a statement.

The total investment of ESIC as on 31.3.2017 stands at Rs 59 382 crore the statement added.

The asset management company is a joint venture between homegrown Reliance Capital and Japan s Nippon Life Insurance.

The fund manager received the mandate from ESIC after a competitive technical and financial bidding process.

RNAM is currently managing among others funds of state-tun Employees Provident Fund Organization and The Coal Mines Provident Fund Organization.
As of June the company had total assets worth Rs 4.10 lakh crore under its management.