The main contenders are Mahindra Defence in partnership with Brazilian company Embraer and its C-390 aircraft, and Tata Advanced Systems with the C-130J Super Hercules from Lockheed Martin.
Meanwhile, HAL is considering reviving a joint project with Russia for the Il-214 aircraft. The new aircraft are intended to replace the aging fleet of approximately 100 An-32 transport aircraft.
This is the kind of geopolitical fulcrum point that either determines shifts in the balance of international power or it indicates the geopolitical fulcrum points that drive the decisions made here, either way what happens in India in aviation is worth watching closely.
India plays a major role in the future of civil and military aviation because it has a genuine need for a large fleet of civilian transport aircraft and it has ties both with russian aviation industry and with other international aviation industry companies which creates a forking path here.
https://en.wikipedia.org/wiki/Embraer_C-390_Millennium
https://en.wikipedia.org/wiki/Lockheed_Martin_C-130J_Super_Hercules