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Automotive component manufacturer Varroc Engineering and France-based battery technology company Forsee Power are planning to form a joint venture in India to develop and supply battery-pack solutions for electric vehicles (EVs). The partnership will initially focus on electric three-wheelers, with plans to expand into two-wheelers, light commercial vehicles, buses, trucks, off-highway vehicles and industrial applications.
Under the proposed arrangement, Varroc will acquire a 45% equity stake in Forsee Power India, the French company’s Indian subsidiary. Varroc will also assume management and operational control of the entity and invest in optionally convertible redeemable preference shares (OCRPS) to support the joint venture. The proposed transaction is subject to applicable regulatory and corporate approvals.
The companies plan to combine Forsee Power India’s battery-pack technology and systems expertise with Varroc’s automotive engineering capabilities, manufacturing network and established relationships with original equipment manufacturers (OEMs).
The initial focus will be on developing battery-pack solutions for electric three-wheelers. The partnership is expected to expand into electric two-wheelers, commercial vehicles and industrial applications. The companies intend to develop battery systems suited to different vehicle designs and operating requirements.
Arjun Jain, Whole-Time Director and CEO – Business I at Varroc, said the partnership would expand the company’s electric mobility portfolio and create opportunities to increase its content per electric vehicle across segments. Christophe Gurtner, Chairman and CEO of Forsee Power, said the collaboration would combine the company’s battery technology with Varroc’s local manufacturing capabilities and customer network, with electric three-wheelers serving as the initial market.
Forsee Power specialises in battery systems for commercial and industrial electric vehicles. Its portfolio includes solutions for light electric vehicles, buses, trucks and off-highway applications. The company also provides services covering battery-system design, assembly, energy management, installation, commissioning and maintenance.
Varroc supplies automotive components and systems for two-wheelers, three-wheelers, passenger vehicles, commercial vehicles and off-highway vehicles. Its portfolio includes electric mobility solutions, lighting, body systems, human-machine interface (HMI) solutions, internal combustion engine powertrain components and advanced electronics.
The proposed joint venture aims to leverage the complementary capabilities of both companies to develop battery-pack solutions for multiple vehicle categories in India. As demand for electric mobility grows, the partnership could create opportunities to expand their presence in the country’s EV battery systems market.
