Varroc and Forsee Power Plan Joint Venture to Expand EV Battery Solutions in India

Varroc and Forsee Power are planning a joint venture to expand electric-vehicle battery solutions in India, according to a report by Machine Maker. The two companies are auto-component suppliers, and the tie-up would focus on the country's growing EV battery market.

The announcement, dated October 21, 2026, did not disclose financial terms, ownership split or a timeline for the venture. Neither company has publicly detailed where a plant might come up or which vehicle segments the batteries would serve.

Varroc is an Indian auto-component maker with a long history in lighting, electronics and polymer products for two-wheelers and four-wheelers. Forsee Power is a French battery-systems company that builds packs and modules for electric buses, trucks and off-highway vehicles. The two have worked in adjacent parts of the vehicle supply chain, and a joint venture would bring battery-system design and local manufacturing under one roof.

Why battery packs matter for India's EV push

India's electric-vehicle market is still small compared with China or Europe, but it is growing fast in two- and three-wheelers and in public transport. Battery packs are the single most expensive part of an electric vehicle, often accounting for a third or more of the total cost. Local assembly and pack design can cut import bills and help companies tailor products to Indian road and weather conditions.

Several global battery makers have announced India plans in the past two years, drawn by production-linked incentives and tightening emission rules. Domestic component firms are looking to move up the value chain from parts to full systems. A Varroc-Forsee Power venture fits that pattern.

The details that matter most are still missing. The companies have not said whether the venture will make cells, modules or complete packs. Cell manufacturing is capital-heavy and India still imports most of its lithium-ion cells. Pack assembly is cheaper and faster to set up.

What the companies have said

The Machine Maker report carried the headline announcement but no direct quotes from either company's leadership. That leaves open questions about the scale of investment and the customers the venture would target first.

For Varroc, the move would add a new line of business beyond its traditional lighting and electronics divisions. For Forsee Power, an Indian partner offers a route into a market where electric buses and light commercial vehicles are expected to see steady demand.

The joint venture is still at the planning stage. No date has been given for signing a definitive agreement or for starting operations.