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BPCL completes first interest rate swap

Our Bureau

Mumbai , Dec. 8

BHARAT Petroleum Corporation Ltd on Monday completed its first interest rate swap for a loan of Rs 100 crore. Citigroup completed the interest rate derivative transaction, a news release said.

The company has moved from domestic fixed interest rate to a Libor-linked floating rate for the one-year loan, Mr S.K. Joshi, Executive Director, BPCL said.

BPCL had invited bids for the interest rate swap. The company had introduced a forex risk management policy a couple of months ago. The swap is the first transaction after the policy was set, Mr Joshi said.

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