Varroc to form JV with Forsee Power to develop advanced battery-pack solutions

Varroc Engineering and Forsee Power SA, France (FR0014005SB3 - ALFOR), a specialist in smart battery systems, plan to enter into a joint venture to expand their electric mobility portfolio and combine their complementary capabilities to develop advanced battery-pack solutions.

As part of the transaction, Varroc will acquire a 45% equity stake in Forsee Power India, Forsee Power's Indian subsidiary focused on battery-pack systems and exercise management and operational control on the entity.

The joint venture is proposed to operate in India subject to applicable regulatory and corporate approvals. Varroc will also subscribe to Optionally Convertible Redeemable Preference Shares (OCPRS) to support the joint venture. The joint venture will initially focus on battery packs for three-wheelers, with a roadmap to address two-wheelers, light commercial vehicles, buses, trucks, off highway and industrial vehicles.