Varroc to buy 45% of Forsee Power India in EV battery pack JV

Varroc Engineering will acquire a 45% stake in Forsee Power India and set up a joint venture with the French battery systems maker to build electric vehicle battery packs, according to a Moneycontrol report published on 16 October 2026.

The deal brings together an Indian auto components supplier with a European specialist in battery systems for electric vehicles. Varroc, based in Aurangabad, makes lighting, electronics and polymer parts for two-wheelers and four-wheelers. Forsee Power designs and assembles battery systems for buses, trucks, off-highway vehicles and light electric vehicles.

What the stake buys

The 45% holding sits inside a joint venture structure rather than a straight buyout. That means Varroc and Forsee Power will run the India battery pack business together. Battery packs are the single most expensive component in an electric vehicle, and local assembly has become a priority for automakers trying to keep costs down and qualify for production-linked incentives.

Neither company disclosed the value of the transaction in the report. The financial terms, the timeline for closing the deal and the location of any new manufacturing line were not made public.

The move fits a wider pattern. Indian component makers have spent the past few years pushing into electric drivetrains and energy storage as their traditional engine and exhaust businesses face a slower future. For Varroc, a battery pack venture adds a new line next to its existing electronics work.

Why battery packs matter

Most Indian electric two-wheelers and three-wheelers still rely on imported cells, with packs assembled locally. Building that assembly capability at home cuts freight costs and shortens supply chains. It also gives the joint venture a shot at supplying fleet operators and commercial vehicle makers, a segment where Forsee Power already has customers in Europe.

The partnership also gives Forsee Power a local partner with manufacturing reach and supplier relationships in India. The company has been expanding outside France, and India's electric bus and light commercial vehicle market is one of the faster-growing segments in Asia.

Varroc has not said how the joint venture will be funded or whether the battery packs will be sold under its own brand. A company statement on the deal was not included in the report.

The acquisition is subject to regulatory approvals, which are typical for foreign investment in Indian manufacturing ventures. The report did not specify which approvals are pending.

For now, the deal is a stake purchase and a joint venture agreement. The first packs, the first customers and the first factory line are all still to be announced.