Bangalore: France-based MGE UPS Systems, the second largest manufacturer of uninterrupted power supply (UPS) systems and services, has launched its Indian subsidiary in a bid to exploit the growing UPS market in the country.

"Our success in India over the past 10 years combined with India's power protection market growing at 20 per cent per year has prompted us to form MGE India," said Claude R. Graff, company president and chief executive officer, speaking to presspersons here on Thursday.

Sanjay Sainani, managing director for MGE India, said India contributed U.S. $16 million in revenues in 2005 to the company, which achieved a global turnover of 574 million euros last year.

Mr. Sainani said the company had been growing at the rate of 38 to 42 per cent year-on-year in the past eight quarters in India, and expected the same pace to continue.

Besides Mumbai, MGE India's country headquarters, the company has offices in Bangalore, Hyderabad, Chennai, New Delhi, Kolkata and Pune.

He said that by December-end, it would expand its operations in India with the opening of more regional and branch offices and hiring resident engineers throughout the country.

Merger plan dropped

The Vijay Mallya-controlled McDowell & Company Ltd. has decided not to merge its wholly owned subsidiaries, Asian Opportunities and Investments Ltd. and Zelinka Ltd., with itself, on account of business needs.

The Board has decided to withdraw the schemes of amalgamation and steps are being taken to call off the shareholders meeting scheduled for July 13, McDowell said in a statement. The meeting was called to consider and approve merging Asian Opportunities with McDowell & Company, it said.

The scheme of amalgamation of Zelinka with the company has not been filed with the Karnataka High Court, the flagship company of the UB Group said.

The company's Board of Directors had earlier approved the above schemes at the meeting held in September last year.

Cheaper crop loans

Syndicate Bank has cut the interest rate to 7 per cent on loans of up to Rs. 3 lakh for crop production in compliance with the Centre's directive. The interest rate on loans granted for crop production up to Rs. 3 lakh against security of jewellery has also been reduced to 7 per cent with immediate effect, the bank said in a statement on Thursday.

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