Varroc Engineering has received approval for the proposed investment in Forsee Power India (Forsee), comprising acquisition of equity shares through primary and secondary issuance for 45% equity stake, subscription to optionally convertible redeemable preference shares, comprising OCRPS I and OCRPS II and/or any other securities, if any. The total initial consideration for both equity and OCPRS will not exceed 4.5 million euro, and execution of Securities Subscription and Purchase Agreement (SSPA), Shareholders’ Agreement, and other transaction documents in connection therewith.
The completion of the proposed transaction is subject to fulfilment and/or waiver, as applicable, of the conditions precedent and other terms and conditions set out in the SSPA. The proposed investment is in line with the company’s strategic objectives and is expected to provide long-term business and commercial benefits to the company, particularly in the electric mobility business. The Board of Directors of the company at its meeting held on October 16, 2026 has inter alia, considered and approved the same.
Varroc Engineering is focused on designing, manufacturing and supplying exterior lighting systems, plastic and polymer components, and electrical and electronics components.
