India, Oct. 16 -- Varroc Engineering Limited has partnered with France-based Forsee Power SA to establish a joint venture aimed at expanding their electric mobility portfolios and developing advanced battery-pack solutions for the Indian market.
Under the proposed arrangement, Varroc will acquire a 45 per cent stake in Forsee Power India, the French company's Indian subsidiary specialising in battery-pack systems. Varroc will also assume management and operational control of the entity and subscribe to Optionally Convertible Redeemable Preference Shares (OCRPS) to support the joint venture. The transaction is subject to the necessary regulatory and corporate approvals.
The joint venture will initially focus on battery packs for electric t...