Transaction Structure

Varroc Engineering Limited and Forsee Power SA, France are entering into a joint venture to expand their electric mobility portfolio and combine complementary capabilities to develop advanced battery-pack solutions.

As part of the transaction:

  • Varroc will acquire a 45% equity stake in Forsee Power India, Forsee Power's Indian subsidiary
  • Varroc will exercise management and operational control of the entity
  • Varroc will subscribe to Optionally Convertible Redeemable Preference Shares (OCPRS) to support the joint venture
  • The joint venture is proposed to operate in India subject to applicable regulatory and corporate approvals

Strategic Focus and Market Segments

The joint venture will initially focus on battery packs for three-wheelers, with a roadmap to address:

  • Two-wheelers
  • Light commercial vehicles
  • Buses
  • Trucks
  • Off-highway vehicles
  • Industrial vehicles

Management Commentary

Arjun Jain, Whole Time Director & CEO – Business I, Varroc stated: "Electric mobility is both evolving and growing rapidly, thus creating new opportunities and new requirements for the automotive industry. Through this evolution we believe OEMs will need partners who can anticipate changes and translate them into reliable, cost-effective solutions at scale. Our partnership with Forsee Power brings together complementary strengths in battery-system technology, automotive engineering, manufacturing and customer relationships. It represents an important step in expanding Varroc's portfolio to address the evolving needs of our market and the future of mobility. This will further enhance addressable content per electric vehicle in all the segment."

Christophe Gurtner, Chairman and CEO of Forsee Power highlighted: "With the rapid growth of electric mobility adoption in India, the opportunity is clear and we are ready to scale. Joining forces with Varroc combines our battery technology with local industrial strength and customer access. Three-wheelers are our starting point, with a clear ambition to expand across two-wheeler, commercial and industrial vehicles."

Capabilities and Expertise Contribution

  • Forsee Power India: Brings established expertise in battery-pack technology and systems
  • Varroc: Contributes automotive engineering capabilities, established OEM relationships, and cost-effective, world-class manufacturing expertise

Strategic Objectives

The companies aim to combine their strengths to:

  • Develop battery-pack solutions adaptable to different vehicle architectures and operating conditions
  • Build capabilities required to support the continued evolution and scale of electric mobility
  • Support OEMs with solutions that enable safe, smart and sustainable mobility

Company Background

Varroc Engineering Ltd:

  • Global tier-1 automotive component group incorporated in 1988
  • Manufactures and supplies E-mobility solutions, Body systems solutions, Lighting solutions, HMI solutions, ICE powertrain and Advanced electronics
  • Group income was ₹89,080 million from continued operations in FY26
  • Employs more than 5,400 employees (750+ R&D Engineers)
  • Has 37 global operating manufacturing facilities supported by 7 R&D Centres
  • Has filed more than 130 patents

Forsee Power SA, France:

  • Specializes in battery systems for commercial and industrial electric vehicles (light vehicles, off-highway vehicles, buses, trucks, and trains)
  • Major player in Europe, Asia and North America
  • More than 5,500 heavy vehicles and 150,000 LEV have been equipped with their batteries
  • Employs 500 employees
  • Has obtained Gold medal from EcoVadis sustainability rating agency