Rio Tinto to invest $500 million in diamond project in India

A Rio Tinto logo is displayed on the front of a wall panel during a news conference in Sydney November 29, 2012. . REUTERS/Tim Wimborne

NEW DELHI (Reuters) - Global mining company Rio Tinto plans to invest $500 million (330 million pounds) in a diamond project in India's Madhya Pradesh state, its Chief Executive Officer Sam Walsh said on Monday.

The company is waiting for environment approvals from the Indian authorities before starting the project, Walsh told reporters.

(Reporting by Nidhi Verma; Editing by Anand Basu)