Pune: Varroc Engineering Limited has announced plans to form a joint venture with France-based Forsee Power SA to develop and expand electric vehicle battery-pack solutions in India. Under the proposed agreement, Varroc will acquire a 45% equity stake in Forsee Power India while assuming management and operational control of the business.
The partnership marks a strategic expansion of Varroc’s electric mobility portfolio as India’s automotive industry accelerates its transition towards electrification. The proposed venture will initially concentrate on battery packs for electric three-wheelers before expanding into several other vehicle categories.
The transaction remains subject to applicable regulatory and corporate approvals. Varroc will also subscribe to Optionally Convertible Redeemable Preference Shares (OCPRS) to provide financial support to the joint venture.
Electric Three-Wheelers to Lead Initial Expansion
The companies have identified electric three-wheelers as the first target market for their collaboration, reflecting the growing demand for specialised battery solutions across India’s electric mobility sector.
Beyond three-wheelers, the joint venture has outlined plans to develop battery-pack systems for electric two-wheelers, light commercial vehicles, buses, trucks, off-highway equipment and industrial vehicles.
The broader strategy is intended to address different vehicle architectures, operating conditions and customer requirements through battery systems that can be adapted to multiple applications.
Forsee Power will contribute its experience in smart battery systems and battery-pack technology, while Varroc will bring its automotive engineering capabilities, manufacturing infrastructure and established relationships with original equipment manufacturers (OEMs).
The companies believe combining these capabilities will help them develop cost-effective battery solutions while supporting the growing scale of electric vehicle production in India.
Varroc Seeks Greater Role in India’s EV Supply Chain
Commenting on the proposed partnership, Arjun Jain, Whole Time Director & CEO – Business I, Varroc, said:
“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”
The collaboration is expected to broaden the range of technologies Varroc can offer vehicle manufacturers, particularly as electric propulsion systems create new opportunities for automotive component suppliers.
By taking management and operational control of Forsee Power India despite acquiring a 45% equity stake, Varroc will assume responsibility for the venture’s operations under the proposed arrangement.
Forsee Power Targets Wider Indian Market
Forsee Power, which specialises in battery systems, sees India as an important market for expanding its presence in electric mobility.
Christophe Gurtner, Chairman and CEO of Forsee Power, highlighted the opportunities presented by the country’s increasing adoption of electric vehicles.
“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”
The partnership will combine Forsee Power India’s existing battery-system capabilities with Varroc’s manufacturing expertise and customer network.
Forsee Power’s technological expertise and Varroc’s local industrial presence are expected to complement each other as the companies work towards developing battery systems suited to India’s diverse vehicle requirements.
Battery Technology Becomes Central to Automotive Electrification
The proposed venture comes as battery technology plays an increasingly important role in determining the cost, performance and suitability of electric vehicles for different applications.
Electric three-wheelers, passenger vehicles, commercial fleets and industrial equipment have different battery requirements, making adaptable battery-pack engineering an important consideration for manufacturers.
For automotive suppliers, this transition also represents an opportunity to expand beyond conventional vehicle components into electrification-related technologies.
Varroc’s proposed partnership with Forsee Power is part of that broader shift, positioning the company to increase its participation in India’s electric vehicle supply chain.
Although the venture will begin with three-wheelers, its planned expansion into commercial and industrial applications suggests a longer-term approach to battery-system development.
The success of the partnership will ultimately depend on securing the necessary approvals, translating the companies’ combined expertise into competitive products and meeting the requirements of Indian vehicle manufacturers.
As India’s electric mobility market continues to evolve, partnerships combining international battery technology with domestic manufacturing capabilities could become increasingly important in building a competitive and scalable EV supply chain.
