Varroc & Forsee Power Form JV for EV Battery Solutions in India
Varroc Engineering and Forsee Power are forming a joint venture in India to scale EV battery solutions. Varroc will acquire a 45% stake and operational control of Forsee Power India. The JV will initially focus on three-wheeler battery packs, with expansion plans for other vehicle segments.
This joint venture significantly strengthens Varroc's position in the rapidly growing electric mobility ecosystem in India, potentially leading to increased market share and revenue from EV components.
The formation of a joint venture to scale EV battery solutions is a positive development for Varroc, indicating strategic growth and expansion into a key future mobility sector.
Varroc Engineering Limited and Forsee Power SA, France, are forming a joint venture to expand their electric mobility portfolio and develop advanced battery-pack solutions in India.
Under the agreement, Varroc will acquire a 45% equity stake in Forsee Power India, the Indian subsidiary of Forsee Power, and assume management and operational control of the entity. Varroc will also subscribe to Optionally Convertible Redeemable Preference Shares (OCPRS) to support the joint venture, which is subject to regulatory and corporate approvals.
The joint venture will initially focus on battery packs for three-wheelers, with plans to expand to two-wheelers, light commercial vehicles, buses, trucks, off-highway, and industrial vehicles. This collaboration aims to combine Varroc's automotive engineering, manufacturing expertise, and OEM relationships with Forsee Power's battery technology and systems.
Arjun Jain, Whole Time Director & CEO – Business I, Varroc, stated that the partnership is a significant step in expanding Varroc's portfolio to meet evolving market needs and the future of mobility, enhancing the addressable content per electric vehicle. Christophe Gurtner, Chairman and CEO of Forsee Power, highlighted the clear opportunity in India's rapidly growing electric mobility adoption and the ambition to scale across various vehicle segments.
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Varroc Engineering Limited filed this with the NSE as a statutory disclosure, categorised under joint ventures. It is a primary document, not a recommendation, and the desk marks it high impact, which is the band that most often changes something.
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See the model portfoliosA plain-language summary of a public exchange filing by Varroc Engineering Limited. Read the original for the full detail.