Don't know if it's enough but have a look at APC. I think it'll work, as mine is 1.1 KVA and it works for my rig, i7 950, 8 GB RAM, same GPU, almost same PSU, 22" Monitor, and router obviously. I get around 10-12 mins backup if I play game, almost 20-25 mins for normal usage, if not more. http://www.apc.com/products/family/?id=27
Also V Guard UPS are said to be good for India conditions. Don't know about them personally however.
The ups will go on battery backup at that voltage. You may need a stabilizer too if it stays at low voltages for long periods of time. I don't think stabilizers work on that low voltage. Most run between 190v and 270v I believe. They switch off power supply completely below 190v I think.
Besides apc smart series I don't know of other ups that does online avr.
Yes you need to connect the UPS to a stabilizer,the typical V-Guard models such as the Crystal plus will work from about 140v to 290v it will boost that to about 160v.A apc ups needs around 160v for it remain using the power form mains,anything below that it will switch to battery mode.
A double or triple conversion stabilizer will boost twice and thrice respectively at the cost of efficiency but the output voltage will be varying each time it changes over or when there is a variation in input voltage.
The other option is to buy a servo stabilizer which can handle input voltage as low as 140v while maintaining a constant output of around 220v/230v.