Orchid Pharma gets $800 million loan from UK company

Orchid Pharma on Tuesday said that its 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 Ltd, 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 Internati-onal, 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.