Hutchison Telecom International Limited (HTIL) has reportedly extended loans totalling nearly $324.5 million to two firms, one owned by Analjit Singh and the other by Hutchison Essar director, Asim Ghosh, for together acquiring a 12.26 per cent stake in Hutchison Essar. Of this amount, the companies have utilised $288.8 million to buy the stake. According to information made available by HTIL, the company lent $124.5 million to Goldspot Mercantile Company, a holding company in India owned by Ghosh. This company, in turn, acquired a 23.97 per cent stake in a joint venture company, Telecom Investments India (TII), for $110 million through a wholly owned subsidiary. Similarly, HTIL lent $200 million to Scorpios Beverages, an Indian investment holding company owned by Analjit Singh. This company acquired a 38.78 per cent stake in TII for $178.5 million. The acquisition of the 62.76 per cent stake by the two companies ultimately translates into a 12.26 per cent interest in Hutchison Essar.