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