India's External Affairs Minister Salman Khurshid may commit around $100 million to develop Chabahar Port in Iran during his upcoming visit to the West Asian country, sources said.

On Wednesday, the Union Cabinet headed by Prime Minister Manmohan Singh discussed plans to invest in projects in & around the Chabahar Port in the sanction-hit Iran.

According to the sources, India may formally announce its decision after Khurshid's upcoming meeting with Iran's Foreign Minister Ali Akbar Salehi. The meetingis scheduled to take place in Tehran later this week.

Khurshid and his Iranian counterpart will co-chair the meeting of the India-Iran Joint Commission, which is a bilateral instrument to discuss trade & economic issues.

Khurshid and Salehi are also expected to discuss energy ties between the two countries. The US, which has slapped Iran with harsh sanctions as part of its efforts to force it to roll back its ongoing nuclear program, is no longer pushing India to stop purchasing crude oil from Iran. However, India's crude oil imports from Iran have already slipped by more than 25 per cent in the FY2012-13, mainly because of lack of insurance cover for oil tankers and issues with payment mechanism.