France-based MGE UPS Systems, a provider of uninterruptible power supplies (UPS) products and services, today announced floating of a subsidiary in India to intensify its presence in the fast growing market.MGE,a subsidiary of Schneider Electric, has been operating here through distributors and currently has 800 customers including Infosys, Wipro, ICICI Bank and HDFC Bank, since 1996."Our success in India over the past 10 years combined with India's power protection market growing at 20% per year prompted us to form MGE India," Claude Graff, president & CEO of MGE, said.India contributed $16 million in 2005 revenues to the company, which achieved a global turnover of euro 574 million last year, Sanjay Sainani, MD of MGE India, said.The company had been growing at 38-42% year-on-year in the last 8 quarters in India, and expects the same pace to continue going forward, Sainani said. By December-end, it would expand its operations in India with opening of more regional and branch offices.The company has an installed capacity of 2 million KVA in over 4,000 installations in India, with IT and financial services largely driving growth, Sainani said.
