French UPS firm to invest €4-mn in Indian subsidiary

Chennai: French uninterrupted power supply (UPS) manufacturer Socomec Innovative Power Solutions will invest €4 million in its wholly owned switchgear manufacturing subsidiary in Gurgaon.

The CEO of Socomec Innovative, Mr Michael Carter, said the investments would be spread over the next three years to primarily rebuild the 16-year-old factory that makes switchgears for domestic and overseas markets.

Earlier, he launched a range of UPS – green power UPS, Itys, Statys and Asys, marketed by its other Indian subsidiary, Socomec UPS India Private Ltd.

The Managing Director of Socomec UPS India, Mr Norbert Jacobsen, said the launch marks its entry into single phase UPS market in India. At present, the company holds 10 per cent share of the $600 million UPS market. The products launched would help raise the share to 15 per cent by 2012, he said.

The company hopes to end this year with a turnover of Rs 100 crore.

In order to strengthen its position, the company has appointed 24 business associates and fostered marketing agreement with Redington India, he said.

It may be recalled that last April Socomec and Chennai-based Numeric Power Systems parted ways after terminating the joint venture agreement established in June 2006.