The partnership was formed last year with Australia committing A$5.8 million over three years.
Talks last week focused on developing supply chains between the two countries and deepen co-operation.
King held talks with Indian minister for parliamentary affairs, coal and mines Pralhad Joshi on Friday and announced the partnership had identified five target projects (two lithium and three cobalt) on which to undertake detailed due diligence.
Investments under the partnership will seek to build new supply chains underpinned by critical minerals processed in Australia that will help India's plans to lower emissions from its electricity network and become a global manufacturing hub, including for electric vehicles.
"India's goals to lower carbon emissions and boost electric vehicle production presents great opportunities and prospects for Australia's critical minerals sector, for renewable exports and for building stronger supply chains," King said.
"We are delighted to announce we have completed the first phase of work under the partnership, and taken an important step to building new, robust and sustainable supply chains between India and Australia for the key battery minerals such as lithium and cobalt.
"Through market soundings and working with commercial advisers, we have identified five projects on which the parties will proceed to sign non-disclosure agreements and begin undertaking detailed due diligence.
"Working together, both the nations are committed to reducing emissions, guaranteeing energy security and diversifying global markets for critical minerals and clean technologies."
Australia produces almost half of the world's lithium, is the second-largest producer of cobalt and the fourth-largest producer of rare earths.
According to Austrade, India is particularly interested in lithium, vanadium, titanium, cobalt, nickel, graphite and light and heavy rare earths.
Joshi visited Western Australia last year and toured Tianqi Lithium Energy Australia's Kwinana lithium refinery.
The Australian trade delegation to India included representatives from BHP, Rio Tinto and Fortescue Metals Group.
