Mumbai: The Rs600-crore Praj Industries plans to enter into a 60:40 joint venture with Netherlands-based Aker Kvaerner Netherlands BV.

It is also looking to acquire a Brazilian company to establish a foothold there.

Praj Industries specializes in setting up cane molasses-based ethanol plants and offers technology for a wide range of feedstock, including cane juice and syrup, beet juice and starch-based raw materials such as grains and tubers.

An engineering and construction major, the Netherlands partner offers expertise from concept studies to design, engineering, project management, technology delivery, procurement and maintenance services.

The JV is intended to blend Kvaerner''s execution capabilities and extensive European market knowledge with Praj Industries'' technological expertise.

The company is also setting up an R&D facility about 20 km from its existing premises on the outskirts of Pune, with a capex of Rs40 crore. Funds for the purpose will be met through internal accruals and preferential share allotment.

For the year ended March 31, 2007, Praj industries'' total income more than doubled to Rs616. 40 crore (Rs270 crore), and PBT and PAT recording a threefold rise at Rs110 crore ( Rs32.38 crore) and Rs86.52 crore (Rs24.41 crore), respectively. Its Board on Wednesday announced a 1:1 bonus share.