It takes two to tango and the level of corruption in the public sector would not be possible if there were not plenty of private businessmen willing to pay bribes and work the political system, said PERC
Singapore: India finds itself bracketed with countries like Philippines and Cambodia, rated as the fourth most corrupt nation among 16 countries of the Asia Pacific region surveyed by leading Hong Kong-based business consultancy firm Political & Economic Risk Consultancy (PERC), reports PTI.
PERC rated India at 8.67 on a scale of zero to 10 with the high end being the worst case of corruption scenario and ahead of the Philippines (8.9 points), Indonesia (9.25 points) and Cambodia (9.27 points).
Among the 16 countries reviewed in its latest report, Thailand was rated at 11 with a scale of 7.55, followed by China (7.93) and Vietnam (8.3).
Comparatively, Singapore was given a clean sheet with a score of 0.37, followed by Hong Kong (1.10), Australia (1.39), Japan (1.90) and USA (2.39), putting them in the top five.
In India, according to the report, civil and other local-level political leaders were found more corrupt than the national-level political leaders, with the former given a score of 9.25 and the latter slightly better at 8.97.
Indian civil servants at the city level, too, were rated at 8.18, worst than the civil servants at the national level (7.76).
"The issue of corruption has grown and overshadowed the second term in office of the Congress-led coalition headed by prime minister Manmohan Singh," said PERC in its Asian Intelligence report on Asian business and politics.
The government has been wracked by a series of scandals involving the sale of telecom licenses, preparations for the Commonwealth Games, a land scam involving high level military officers, and improper property loans made by state-owned financial institutions, it pointed out.
Though investigations were underway to be followed by court trials, Indians were still questioning whether or not the prime minister has the political muscle to fight graft and whether the actions now being taken were more for show than proof that the government was really cracking down on business practices that were common but corrupt, it said.
Mr Singh has been put in such a defensive position that most of his recent statements have been to stress how he has not personally been involved with corruption, even though it appears that almost everyone around him was, observed PERC.
"This point is underscored by a recent WikiLeaks report that the ruling Congress Party paid off parliamentarians back in 2008 to pass the US-India civil nuclear deal," it said.
The report also noted that the Federation of Indian Chambers of Commerce and Industry (FICCI) was worried that the problem of corruption and the way it was being treated in the media could seriously hurt India's international image and scare away potential investors.
It takes two to tango and the level of corruption in the public sector would not be possible if there were not plenty of private businessmen willing to pay bribes and work the political system, said PERC.
Dewan Housing Finance has acquired Deutsche Postbank Home Finance Ltd for Rs1,079 crore
Dewan Housing Finance said it has acquired Deutsche Postbank Home Finance Ltd (DPHFL) for Rs1,079 crore.
Along with Wadhawan Housing Pvt Ltd, Caledonia Investment and Amber, Dewan Housing has acquired a 100% equity stake in Deutsche Postbank Home Finance from BHW Holding AG of Germany, Dewan Housing Finance informed the Bombay Stock Exchange (BSE).
Pursuant to the conclusion of the transaction, which took place on 25 March 2011, DPHFL has become a subsidiary of Dewan Housing, it said.
The deal was announced in December last year. Following the acquisition, Dewan Housing Finance Group's combined asset base has increased to over Rs20,000 crore.
Post-acquisition, DHFL holds a 67.5% equity stake in DPHFL. The balance sheet size of DPHFL is about Rs5,500 crore.
As of 30 September 2010, DPHFL's home loan portfolio stood at Rs4,813 crore and its net worth was at Rs524 crore. It has over 32,000 customers, serviced through 25 branches, 14 sales offices and three processing units across the country.
On Tuesday, Dewan Housing ended 8.24% up at Rs242.45 on the Bombay Stock Exchange, while the Sensex gained 0.94% to 19,120.80.
KMC Constructions has received Rs500-crore investment in the company flagship KMC Infratech from 3i India Infrastructure, an investment fund established by global private equity firm 3i Group Plc
KMC Constructions said it has received Rs500-crore investment in the company flagship KMC Infratech from 3i India Infrastructure, an investment fund established by global private equity firm 3i Group Plc.
"The private equity giant will pick up significant stake in the build-operate-and-transfer (BOT) road projects of KMC Constructions," KMC Constructions said in a release.
Hyderabad-based KMCIL, incorporated in 2008, is the flagship company of KMC Constructions for all its existing and prospective road "build, operate and transfer" assets. KMCIL has one of the largest road portfolios in the country and owns 10 projects aggregating 5,000 lane km, the statement said.
"KMCIL is well positioned to take advantage of the significant opportunity in the road sector in India. This investment allows us to partner with an infrastructure operator with a sound track record of constructing and operating road assets in the country," Anil Ahuja, managing director and Head of 3i Asia, said.
The $1.2 billion 3i India Infrastructure Fund is focused on power, road, ports and airports. Since inception, the fund has invested in Adani Power, Soma Enterprises, Krishnapatnam Port Company and GVK Energy.
Spark Capital Advisors acted as the exclusive financial advisor to KMC Group and DSK Legal acted as the legal advisor to the transaction for KMCIL.