Varroc Engineering Forms JV with Forsee Power for EV Battery Solutions

Varroc Engineering Limited has announced a joint venture with Forsee Power SA, France, to expand its electric mobility portfolio in India. Varroc will acquire a 45% equity stake in Forsee Power India, the Indian subsidiary focused on battery-pack systems, and will exercise management and operational control. The joint venture aims to develop advanced battery-pack solutions, initially focusing on three-wheelers, with plans to expand to two-wheelers, light commercial vehicles, buses, trucks, and off-highway vehicles. Varroc will also subscribe to Optionally Convertible Redeemable Preference Shares (OCPRS) to support the venture. This partnership combines Forsee Power's battery technology expertise with Varroc's automotive engineering, manufacturing capabilities, and OEM relationships, strengthening Varroc's position in India's growing electric mobility market.