Australia has announced plans to invest INR90bn ($1.9bn ) to set up mineral-based mining projects in the Indian state of Orissa.

Australian High Commissioner to India Peter Varghese said Australia’s mineral requirements are met 85% by Indian exports.

The Australian government is seeking to set up industries in sectors such as aluminium, gold and coal in form of joint ventures to benefit both the countries.

The two nations have also held discussions on mining scenarios and possible projects in Orissa state.