Varroc Engineering announced that it has executed definitive agreements to acquire a 45 percent equity stake in battery pack maker Forsee Power India for an aggregate consideration not exceeding €4.5 million (approximately Rs 40 crore).
Varroc will acquire 2,95,398 equity shares alongside 80,380 Optionally Convertible Redeemable Preference Shares. The all-cash transaction involves a combination of primary capital infusion and secondary share purchases, with completion targeted on or before December 31, 2026.
The agreement follows an earlier joint venture framework announced on October 16, 2026, between Varroc and France-based Forsee Power. Under the terms of the partnership, Varroc will assume management and operational control of Forsee Power India, combining its domestic automotive manufacturing infrastructure and OEM relationships with Forsee Power's battery systems technology.
The joint venture will initially focus on developing and assembling battery packs for electric three-wheelers, before expanding into electric two-wheelers, light commercial vehicles, buses, trucks, off-highway vehicles, and industrial applications.
"[The proposed investment] is expected to provide long-term business and commercial benefits to the Company, particularly in the electric mobility business," the company stated.