Analjit Singh's sale of a 41 per cent stake held by Max India in Mumbai-based cellular services operator, Hutchison Max, to the Hong Kong-based Hutchison Whampoa for Rs 561 crore has proved to be a `win-win' deal for all concerned: domestic promoter, international partner and investment bank. And who can forget Goldman Sachs' now-covered-in-glory, `Man Friday', the famed Uday S Kotak.

On Thursday, Max India's Analjit Singh walked away with a Rs 561 crore cheque after wholly-owned concern -- Max Telecom Ventures -- diluted 40 per cent in favour of Telecom Investments India (TII).

Liquid Investments, a private investment company of Singh, sold a further 1 per cent to TII, enabling Hutchison Whampoa secure a 68.09 per cent stake in Hutchison Max. Analjit Singh could not have asked for more: Rs 561 crore forhis initial investment of Rs 51 crore! Who is now to say that cellular telephony is not a lucrative business in the country?

For Goldman Sachs, the tombstone on the advisory played by the bank in the Max India-Hutchison Whampoa deal -- corporate India's biggest ever cash out-will be a treasured memento.

But Goldman Sachs would only describe its role as "helping the hardworking Indian promoter realise his just returns". Not for Goldman Sachs the media limelight that its domestic partner, Uday Kotak, got for the deal.

But rest assured that executives of the bank-claimed to the best in such activities, both M&A and advisory -- will strategically position the tombstone on their tables. Indeed, what greater advertisement could their be for Goldman Sachs of its advisory capabilities in emerging market telephony?

For Indian promoters of cellular telephony, the phenomenal gains made by Max India by cashing out to Hutchison Whampoa could not have come at a better time. Goldman Sachs has shown native promotersthat trading in cellular equity can be fun and much more lucrative that operating such businesses. With the extension of cellular licence tenures to 15 years now imminent, others -- especially with interests in the metros -- can hope to gain much if they do likewise.

And for those who say that domestic corporates are getting swallowed by multinationals, relax: Max India's sellout to Hutchison Whampoa will push the numbers under the country FDI chart up. Forget political instability and regulatory issues. In any case, Analjit Singh, has no complaints.

Hutchison Max inducts two new directors

Hutchsion Max Telecom Ltd has inducted two new directors.

Uday S Kotak and Shanti Ekambaram have been co-opted as members after Telecom Investment India acquired a 41 per cent stake in the company.

The Kotak Mahindra group and Hutchison Whampoa group of HongKong hold 51 per cent and 41 per cent respectively in Telecom Investment. Hutchison Max's new board will be under the co-chairmanship of Analjit Singhand Khoo Chek Ngee.

Ashwani Windlass will continue to be its managing director. There are no other changes in the company's operations. The company has about 150,000 cellular subscribers and about 80,000 paging subscribers.