Varroc Engineering’s latest deal, worth about ₹40 crore, nets it 45 percent of Forsee Power India’s shares, a mix of primary equity and secondary option‑convertible preference stock. The cash‑only transaction is set to close by year‑end, giving Varroc a sizable foothold in the domestic battery‑pack arena.
Varroc brings its established auto‑assembly lines and long‑standing OEM ties to the partnership, while Forsee Power contributes cutting‑edge battery‑system design and a proven supply chain for Li‑ion modules. Together, they aim to slash dependence on imports and keep battery costs in check for the growing three‑wheel and two‑wheel markets.
The joint venture will start by building packs for electric three‑wheelers, a segment that currently dominates India’s EV sales. From there, expansion plans target two‑wheelers, light commercial vehicles, buses, and even trucks, aligning with the government’s push for 30 % EV penetration by 2030.
With the deal finalised, Varroc can roll out its first in‑country packs by early 2027, easing lead times and offering price parity with imported units. For buyers, that means lower upfront costs and faster delivery for vehicles that rely on these batteries.
In the near term, keep an eye on the launch of Varroc‑Forsee battery modules in Delhi, Mumbai, and Chennai, as the company scales production to meet the projected 5 million EV units expected by 2030. The partnership signals a broader trend of Indian OEMs securing local battery supply, which could ripple through pricing and reliability across the market.