Varroc Engineering signs agreements to invest in Forsee Power India

Mergers & acquisitions
Automotive components

Blacklitt Research26 October 20262 min read

Varroc Engineering (NSE: VARROC) has executed agreements to invest in Forsee Power India Private Limited, with cash consideration capped at €4.5 million, it said in a filing on 26 Oct 2026. Completion remains subject to conditions precedent and is expected on or before 31 Dec 2026, or another date the parties agree.

Key highlights

Aggregate consideration cap: €4.5 million, paid in cash
Stake on completion: 45% equity, 2,95,398 equity shares
OCPRS on completion: 80,380
Expected completion: on or before 31 Dec 2026
Forsee turnover for FY ended 31 Mar 2026: ₹18.84 crore

The investment in numbers

Item	Detail
Target	Forsee Power India Private Limited, incorporated 6 Jul 2020
Business	Battery pack systems and battery management systems for electric mobility
Consideration	Cash, not exceeding €4.5 million in aggregate
Stake on completion	2,95,398 equity shares (45% equity) and 80,380 OCPRS
Completion	Subject to conditions precedent, on or before 31 Dec 2026 or another agreed date
Related party	Not a related party transaction, the company says
Government approvals	None stated

What the agreements do

Varroc Engineering executed the Securities Subscription and Purchase Agreement and the Shareholders' Agreement on 26 Oct 2026 for its proposed investment in Forsee. The agreements cover the acquisition of primary and secondary equity shares and the subscription to OCRPS, with the aggregate consideration not to exceed €4.5 million.

Completion depends on the fulfilment or waiver of the conditions precedent and other terms in the transaction documents. The company refers to an earlier communication on the proposed deal dated 16 Oct 2026.

Forsee's turnover over three years

Forsee's turnover was ₹16.04 crore in the financial year ended 31 Mar 2024 and ₹10.57 crore in the year ended 31 Mar 2025. It rose to ₹18.84 crore in the year ended 31 Mar 2026, a rise of 78.2% on FY25.

The filing describes Forsee as engaged in manufacturing, assembly, testing and validation of battery pack systems, including battery management systems, for electric mobility applications, with operations in India.

What the Forsee investment means for Varroc Engineering's shareholders

The company says the investment is in line with its strategic objectives and is expected to bring long-term business and commercial benefits, particularly in its electric mobility business. The filing does not give the valuation or price per share behind the stake, how the consideration splits between primary and secondary shares and OCRPS, the source of funds beyond the cash consideration, who the other shareholders in Forsee will be, or the effect on the company's financial results.

The next dated step is completion, expected on or before 31 Dec 2026 or another date the parties agree, if the conditions precedent are met or waived.

Reference: Original filing (PDF)

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