Varroc Bets on EV Batteries With 45% Stake in Forsee Power India

Varroc Engineering Limited is expanding its electric mobility business through a proposed joint venture with France-based Forsee Power SA. The partnership will focus on EV batteries and battery-pack solutions for India's growing electric vehicle market.

Under the proposed deal, Varroc will acquire a 45 percent equity stake in Forsee Power India, Forsee Power's Indian subsidiary specializing in battery-pack systems. Varroc will also take management and operational control of the entity. The transaction remains subject to applicable regulatory and corporate approvals.

The partnership will initially target battery packs for three-wheelers before expanding into other vehicle categories. The companies plan to combine Varroc's automotive engineering and manufacturing capabilities with Forsee Power's battery technology expertise.

Varroc-Forsee Power JV to Start With Three-Wheeler Batteries

The joint venture will initially focus on developing battery packs for three-wheelers. Over time, the companies plan to expand into two-wheelers, light commercial vehicles, buses, trucks, off-highway vehicles, and industrial applications.

The partnership aims to develop battery systems suited to different vehicle designs and operating requirements. It will also draw on Varroc's established relationships with original equipment manufacturers (OEMs) and Forsee Power's experience in battery technology.

As part of the proposed transaction, Varroc will subscribe to Optionally Convertible Redeemable Preference Shares (OCRPS). The investment will support the joint venture's operations and development.

Arjun Jain, Whole Time Director and CEO – Business I at Varroc, said the partnership would help the company broaden its technology portfolio and respond to changing requirements in the electric vehicle market.

He added that combining battery-system technology, automotive engineering, manufacturing capabilities, and customer relationships would help the companies develop reliable and cost-effective solutions at scale.

Christophe Gurtner, Chairman and CEO of Forsee Power, said India's expanding electric mobility market presented opportunities to grow battery solutions across vehicle categories. He highlighted the value of combining Forsee Power's technology with Varroc's local industrial capabilities and customer access.

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Key highlights of the partnership:

• Varroc's stake: A 45 percent equity interest in Forsee Power India.
• Initial focus: Battery packs for three-wheelers.
• Expansion plans: Two-wheelers, commercial vehicles, buses, trucks, off-highway vehicles, and industrial applications.
• Additional funding: Varroc will subscribe to OCRPS to support operations and development.

How the Partnership Could Expand Varroc's EV Business

Forsee Power India brings battery-pack technology and systems expertise to the venture. Varroc contributes automotive product development, manufacturing experience, and established links with vehicle manufacturers.

Together, the companies intend to develop battery systems for different vehicle platforms. The partnership also supports Varroc's broader plan to strengthen its position in the electric mobility supply chain and expand the range of components and systems it supplies to automakers.

The collaboration comes as India's electric vehicle market creates opportunities for suppliers across battery systems and other vehicle components. By starting with three-wheelers and expanding into additional segments, the companies aim to address a wider range of electrification requirements.

Established in 1988, Varroc Engineering Limited is a global Tier-1 automotive component supplier. Its portfolio includes electric mobility solutions, body systems, lighting, human-machine interface systems, internal combustion engine powertrain components, and advanced electronics.

The company serves manufacturers across two-wheelers, three-wheelers, passenger vehicles, commercial vehicles, and off-highway vehicles. In FY2026, its income from continuing operations stood at Rs 89,080 million.

Varroc has more than 5,400 employees, including over 750 research and development engineers. It operates 37 manufacturing facilities and seven R&D centers and has filed more than 130 patents.

The proposed joint venture adds battery-pack systems to the areas in which Varroc can serve vehicle manufacturers. Its completion, however, depends on the required regulatory and corporate approvals.