Varroc Engineering541578Stake acquisition deal

Board approves up to € 4.5 Million investment for 45% equity stake in Forsee Power India

Board considered and approved a proposed investment in Forsee Power India Private Limited, a maker of battery pack systems and battery management systems for electric mobility.

By ScoutQuest · Fri 16 Oct 2026, 4:30 PM IST · 2 min read

45%Equity stake acquired in Forsee

Equity stake acquired in Forsee: 45%.

Equity Stake Acquired: 45% equity stake
Consideration Cap (Cash): not exceed € 4.5 Million
Completion Target Date: on or before December 31, 2026

Board approval for a stake in an EV battery pack maker

The Board of Varroc Engineering Limited, at its meeting held on October 16, 2026, considered and approved a proposed investment in Forsee Power India Private Limited (Forsee). The approval covers acquisition of equity shares through primary and secondary issuance for a 45% equity stake, subscription to optionally convertible redeemable preference shares (OCRPS I and OCRPS II) and/or any other securities, and execution of the Securities Subscription and Purchase Agreement (SSPA), Shareholders' Agreement and other transaction documents.

What is being bought

Forsee is engaged in the manufacturing, assembly, testing and validation of battery pack systems, including battery management systems, for electric mobility applications.
It has its business operations in India and was incorporated on July 6, 2020.
Upon completion, the Company will hold ~2.95 lakh equity shares, resulting in a 45% equity stake, and 80,380 OCRPS.

Consideration

The aggregate consideration for the acquisition of primary and secondary equity shares and subscription to OCRPS shall not exceed € 4.5 Million.
The total initial consideration for both the equity and the OCRPS will not exceed € 4.5 Million.
The consideration is cash consideration.

How Forsee has been doing

Financial year ended March 31, 2023: turnover of ~₹ 2.19 crore (Audited)
Financial year ended March 31, 2024: turnover of ~₹16.04 crore (Audited)
Financial year ended March 31, 2025: turnover of ~₹ 10.57 crore (Audited)
Financial year ended March 31, 2026: turnover of ~₹ 18.84 crore (Unaudited)

Timeline and conditions

The transaction is expected to be completed upon fulfilment and/or waiver, as applicable, of the conditions precedent set out in the transaction documents, on or before December 31, 2026, or such other date as may be mutually agreed between the parties.
Brief details of any governmental or regulatory approvals required for the acquisition: None.

The stated rationale

The investment is in line with the Company's strategic objectives and is expected to provide long-term business and commercial benefits, particularly in the electric mobility business.
The proposed transaction does not fall within the related party transactions of the Company, and none of the promoters, promoter group or group companies has any interest in Forsee or the proposed transaction.

Points a reader may weigh

This is an approval of a proposed investment; completion is subject to the conditions precedent in the SSPA being fulfilled or waived.
The structure is a 45% equity stake alongside OCRPS, which are optionally convertible and redeemable — a different instrument from equity.
The consideration is expressed as a cap ("shall not exceed") and is denominated in euro, while Forsee's turnover is reported in rupees.

₹ 10,57,37,870-34.1%

2024₹16,04,32,7702025₹ 10,57,37,870

Forsee turnover FY ended March 31, (Audited: ₹16,04,32,770 (2024) and ₹ 10,57,37,870 (2025).

Also from Varroc Engineering