Varroc Engineering Limited and France-based Forsee Power have signed an agreement to create a joint venture focused on advanced EV battery packs for India. The partnership combines Forsee Power’s expertise in smart battery systems with Varroc’s automotive engineering, manufacturing scale, and OEM relationships. At the center of the deal, the Varroc and Forsee Power JV for EV Battery Solutions will initially target the electric three-wheeler segment before expanding into other mobility categories.
The companies aim to develop scalable, cost-effective, and application-specific battery solutions designed for India’s fast-growing electric mobility market, while strengthening local manufacturing, technology integration, and long-term electrification capabilities.
The Varroc and Forsee Power JV for EV Battery Solutions will develop and manufacture advanced battery packs in India, beginning with electric three-wheelers. Varroc will acquire a 45% stake in Forsee Power India, invest up to €4.5 million, and assume management and operational control, subject to regulatory and corporate approvals.
Key Deal Terms
The transaction gives Varroc a significant strategic role in Forsee Power India while providing fresh capital for expansion.
• Varroc will invest up to €4.5 million for a 45% equity stake.
• The company will acquire 295,398 equity shares.
• Varroc will subscribe to 80,380 Optionally Convertible Redeemable Preference Shares.
• Varroc will exercise management and operational control.
• The transaction is expected to close on or before December 31, 2026.
Three-Wheelers First, More Segments Next
The Varroc and Forsee Power JV for EV Battery Solutions will begin by focusing exclusively on battery packs for electric three-wheelers, a major electrification segment in India. The roadmap later includes electric two-wheelers, light commercial vehicles, buses, trucks, off-highway vehicles, and industrial equipment.
The strategy reflects rising demand for battery systems that can adapt to different vehicle architectures, duty cycles, and operating conditions. By combining global battery know-how with domestic manufacturing, the partners aim to serve OEMs with reliable, scalable, and cost-efficient solutions.
What the Companies Said
Arjun Jain, Whole Time Director and CEO – Business I at Varroc, said electric mobility is evolving rapidly and creating new requirements for automakers. He said the partnership combines battery technology, engineering, manufacturing, and customer relationships while helping Varroc increase the content it supplies per electric vehicle.
Christophe Gurtner, Chairman and CEO of Forsee Power, said India’s rapid EV adoption creates a clear growth opportunity. He highlighted three-wheelers as the starting point, with plans to expand across two-wheelers, commercial vehicles, and industrial applications.
Why the JV Matters
The Varroc and Forsee Power JV for EV Battery Solutions brings together Forsee Power India’s battery-pack expertise and Varroc’s established OEM access, engineering capability, and cost-effective manufacturing network. The companies expect the partnership to support safer, smarter, and more sustainable mobility while expanding Varroc’s electric mobility portfolio.
Varroc, founded in 1988, is a global Tier-1 automotive supplier operating across e-mobility, lighting, body systems, HMI, powertrain, and advanced electronics. In FY26, the group reported an income of ₹89,080 million, employed more than 5,400 people, operated 37 manufacturing facilities and seven R&D centers, and had filed over 130 patents.
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