Australian Federal Minister of Industry, Tourism and Resources, McFarlane gave this assurance when Minister for Steel, Chemicals and Fertilisers Ram Vilas Paswan met him in Brisbane on Friday.

"There is a good potential for Indian companies to invest in Australia," McFarlance said.

He assured all possible help in fast-tracking the ventures of Indian Steel companies, which are absolutely critical for India's proposed expansion of steel sector capacity.

Australia would provide assistance for Indian fertilizer companies to commence operation in Australia when LNG supply becomes available in near future, he said.

Paswan is in Australia with a high level delegation to ensure supply of strategic raw materials like coking coal, nickel, ferro manganese and silico manganese, for meeting India's enhanced steel production requirements in the context of ambitious plans to double steel production capacity over the 11th five year plan period.

Pawsan said the proposal for Sail [Get Quote], Rinl, Cil, NMDC and NTPC to jointly acquire interest in coking coal property in Australia has received a fillip.

Paswan and McFarlane were very optimistic about enhanced economic and commercial cooperation between both countries in the context of India's accelerating economic growth and the Asian commodities and resources boom.

Both sides also agreed to explore the possibility of sourcing key materials like Nickel, Ferro Manganese and Silico manganese from Australia, said an official.