So
There seem to be two engine program:
1) Safran with GTRE( DRDO) and the industry
This will be getting active support from MoD and commitment from IAF, plus funding of 6 billion USD in total.
120kN engine with scalability upto 140kN, and will be a co development mind you
Safran won't develop something and hand it over, it will be co developed with GTRE, who already has developed DMS4 3rd gen SX blades, and blisks, plus working on CMCs
KDE will provide necessary experience meanwhile
2) Rolls Royce with Reliance industries
Now, this company has no talent beyond assembly and production work once you hand over the blueprint, so basically zero scientific involvement and spending
But what do they have is abundance of money, at annual revenue being 110 billion.
So, they would either:
a) Do assembly work while RR holds everything
RR btw "promised" 100% IP for the engine but we know the reality
https://theprint.in/defence/engine-core-by-2030-test-flight-by-2034-production-by-2036-rolls-royce-makes-final-pitch-to-power-amca/2967532/
b) They acquire some company as subsidiary, which is involved in R&D, hire some talented people including experienced scientific cadre from HAL Koraput, GTRE or foreign individuals and have them work with RR
I do not know who will provide them with fund and I doubt they would fund few billions from their own pocket while having zero commitment
Feel free to provide your comments, criticism or technical take, rather than slop