New Delhi, October 16: Global auto component supplier Varroc Engineering Limited’s board has announced the acquisition of a 45% stake in Forsee Power’s Indian subsidiary as it looks to strengthen its presence in advanced battery pack solutions. The deal, rumored to be valued at €4.5 million, offers a significant opportunity to build a scalable, cost-effective, and application-specific solution aimed at supporting electric vehicle manufacturing Original Equipment Manufacturers (OEMs).
Foresee Power India brings with it established expertise in battery pack technology and systems with Varroc offering automotive engineering capabilities and established OEM relationships. By embedding battery engineering and assembly capabilities through Forsee Power’s expertise, Varroc is aiming to offer integrated electric powertrain solutions to domestic and export vehicle manufacturers. Together, these companies are looking to combine their strengths to develop battery pack solutions for different vehicles and operating conditions while building the capabilities required to support the demand for electric mobility.
“Electric mobility is both evolving and growing rapidly, thus creating new opportunities and new requirements for the automotive industry. Through this evolution we believe OEMs will need partners who can anticipate changes and translate them into reliable, cost-effective solutions at scale. Our partnership with Forsee Power brings together complementary strengths in battery-system technology, automotive engineering, manufacturing and customer relationships. It represents an important step in expanding Varroc’s portfolio to address the evolving needs of our market and the future of mobility. This will further enhance addressable content per electric vehicle in all the segment” Arjun Jain, Whole Time Director & CEO – Business I, Varroc, said in a press release.
“With the rapid growth of electric mobility adoption in India, the opportunity is clear and we are ready to scale. Joining forces with Varroc combines our battery technology with local industrial strength and customer access. Three-wheelers are our starting point, with a clear ambition to expand across two-wheeler, commercial and industrial vehicles” Christophe Gurtner, Chairman and CEO of Forsee Power, added.
