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Varroc deepens EV push with Forsee Power India joint venture

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Varroc deepens EV push with Forsee Power India joint venture

Varroc Engineering has announced a joint venture with France-based Forsee Power to expand EV battery-pack solutions in India. The partnership will begin with electric three-wheelers and then move into two-wheelers, commercial vehicles and industrial applications, with Varroc taking a 45 per cent stake in Forsee Power India’s subsidiary.

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Varroc Engineering is stepping up its electric mobility ambitions with a fresh bet on battery packs, choosing India’s fast-growing three-wheeler market as the launchpad. The move brings together an Indian auto components maker and a French battery specialist at a time when EV makers are hunting for localised, scalable energy storage solutions.

Varroc said on Friday that it will form a joint venture with France-based Forsee Power to build out electric vehicle battery-pack solutions in India. Under the arrangement, Varroc will acquire a 45 per cent equity stake in Forsee Power India ’s subsidiary and assume management and operational control, subject to the usual corporate and regulatory clearances.

The deal also includes a subscription to optionally convertible redeemable preference shares, or OCRPS, which will provide additional support to the venture as it takes shape. While the initial focus is narrow, the long-term ambition is broader: the partners want to move from electric three-wheelers into a wider set of vehicle categories and industrial uses.

The first products from the joint venture are expected to target electric three-wheelers, a segment that has become one of the most visible entry points for electrification in India’s commercial mobility market.


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