Express Pharma

Orchid Pharma unit inks pact with UK entity for $800 million loan

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The funding will help the company explore new growth opportunities

Orchid Pharma’s subsidiary has inked a pact with UK’s Line Trust International to avail loan of up to $800 million (about Rs 5,300 crore) to explore new growth avenues.

Orchid Europe, UK, a wholly-owned subsidiary of the company has entered into a long-term financial arrangement to avail up to $800 million as loan with Line Trust International, Guernsey, UK, Orchid Pharma said in a filing to BSE.

“This funding will help the company explore new growth opportunities while enabling the current business achieve incremental value,” it added.

Orchid Pharma, formerly known as Orchid Chemicals & Pharmaceuticals, has earlier announced that it is in talks with banks to convert its rupee debt into dollar-denominated one.

The company has a total debt of around Rs 3,100 crore.

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