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TNPCB issues closure notice to Orchid Chemical’s unit
Just a few weeks after clearing an USFDA inspection, Orchid Chemicals &
Pharmaceuticals’ Cephalosporin API manufacturing facility in Alathur (Chennai) has been
issued a closure notice by the Tamil Nadu Pollution Control Board (TNPCB) over
non-compliance issue relating to disposal of solid waste. The Alathur facility has been
manufacturing a range of oral and sterile Cephalosporin APIs (it is an antibiotic used to
treat infection and inflammation) since 1994. The facility caters to developed markets such
as the US, Europe and Japan. The Company is in active dialogue with the TNPCB officials
and is confident of resolving the issues and bringing the plant to a fully operational stage
at the earliest. We maintain Buy on the stock with a target price of `373.
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