VEVarroc Engineering541578JV deal update

45% Equity Stake in Forsee Power India to Be Acquired; Joint Venture to Scale EV Battery Solutions

Varroc and Forsee Power SA, France will enter a joint venture for EV battery solutions.

By ScoutQuest · Fri 16 Oct 2026, 4:38 PM IST · 2 min read

Equity Stake

45% equity stake in Forsee Power India

Instrument Subscribed

Optionally Convertible Redeemable Preference Shares (OCPRS)

JV Initial Focus

battery packs for three-wheelers

What has been announced

• Varroc Engineering Limited and Forsee Power SA, France, a specialist in smart battery systems, will enter into a joint venture to expand their electric mobility portfolio and combine complementary capabilities to develop advanced battery-pack solutions.
• As part of the transaction, Varroc will acquire a 45% equity stake in Forsee Power India, Forsee Power's Indian subsidiary focused on battery-pack systems, and will exercise management and operational control on the entity.
• Varroc will also subscribe to Optionally Convertible Redeemable Preference Shares (OCPRS) to support the joint venture.
• The joint venture is proposed to operate in India subject to applicable regulatory and corporate approvals.

Where the joint venture will play

• Initial focus is battery packs for three-wheelers.
• The roadmap covers two-wheelers, light commercial vehicles, buses, trucks, off-highway and industrial vehicles.
• Forsee Power India brings battery-pack technology and systems; Varroc brings automotive engineering capabilities, established OEM relationships and manufacturing expertise.

The two partners

• Varroc is a global tier-1 automotive component group, incorporated in 1988, supplying e-mobility, body systems, lighting, HMI, ICE powertrain and advanced electronics. Group income from continued operations in FY26 was ₹ 89,080 million, with more than 5400 employees including 750 + R&D Engineers, 37 global operating manufacturing facilities, 7 R&D centres and more than 130 patents.
• Forsee Power specialises in battery systems for commercial and industrial electric vehicles. More than 5,500 heavy vehicles and 150,000 LEV have been equipped with its batteries. It has 500 employees and a Gold medal from sustainability rating agency EcoVadis.

What the managements said

• Arjun Jain, Whole Time Director & CEO – Business I, Varroc, said the partnership brings together complementary strengths in battery-system technology, automotive engineering, manufacturing and customer relationships, and that it will further enhance addressable content per electric vehicle in all the segment.
• Christophe Gurtner, Chairman and CEO of Forsee Power, said three-wheelers are the starting point, with a clear ambition to expand across two-wheeler, commercial and industrial vehicles.

How to read it

• The announcement sets out a proposed joint venture and an agreement to acquire a 45% equity stake in the Indian subsidiary, both subject to applicable regulatory and corporate approvals.
• The stated commercial starting point is battery packs for three-wheelers, with a wider vehicle segment roadmap to follow.
• Both partners describe the move as expanding Varroc's technology portfolio and positioning it in the evolving electric mobility ecosystem.

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