Australia as an Indian colony

Would it be possible for Australia to be colonized by the British East India company with continent being settled willing and unwilling by Indians under EIC tutelage.

How would Australia look like

Could Indian penal colonies be set up
 
In 1838 the British in an effort to cement their to Northern Australia set up a naval settlement at Port Essington in west Arnhem Land in the now Northern Territory. It ended up lasting 11 years before they gave up but in the first year there was cyclone that destroyed a number of the recently built building so maybe if they had recruited laborers from India to rebuild and they survived better then Europeans. It could start the trend for settlements in the north to recruit from India even resulting in the building of an Ord River dam 100 years early to irrigate crops.
 
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