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Varroc Engineering to Acquire 45% Stake in Forsee Power India for EV Battery Venture
M
Moneycontrol•16-10-2026, 19:44
Varroc Engineering to Acquire 45% Stake in Forsee Power India for EV Battery Venture
- •Varroc Engineering is set to acquire a 45 percent equity stake in Forsee Power India and form a joint venture to develop advanced battery-pack solutions for electric vehicles.
- •The partnership will initially focus on battery packs for three-wheelers, with plans to eventually expand into two-wheelers, light commercial vehicles, buses, trucks, and industrial vehicles.
- •Varroc will exercise management and operational control over the Indian subsidiary and subscribe to Optionally Convertible Redeemable Preference Shares to support the venture.
- •The collaboration combines Forsee Power's expertise in battery-pack technology with Varroc's automotive engineering capabilities, OEM relationships, and manufacturing scale.
- •Both companies aim to provide scalable, cost-effective, and application-specific electric mobility solutions tailored to the growing Indian automotive market.
Key Questions Answered
Varroc Engineering is acquiring a 45 per cent equity stake in Forsee Power's Indian subsidiary and will exercise management and operational control over the entity to develop advanced battery-pack solutions.
The joint venture will initially focus on developing battery packs for three-wheelers, with a future roadmap to expand into two-wheelers, light commercial vehicles, buses, trucks, off-highway, and industrial vehicles.
To support the proposed joint venture, Varroc will subscribe to Optionally Convertible Redeemable Preference Shares (OCPRS) subject to applicable regulatory and corporate approvals.
