Can't confirm til the specifics of the deal come out in the open, but technology transfer would logically follow the manufacturing line. If Reliance gets this deal, then they can start dissecting the components and get a better understanding on the Co-Axial designs and start competing with HAL as they will also have a very mature production line for these specific helicopter types, which will no doubt be the future. And as I have said before MoD is evidently not very comfortable with certain high technology and assembly being in the hands of private Indian companies in the aerospace industry, for whatever reasons.
A possible rationale, would be that MoD is trying to bolster up HAL with technology and manufacturing lines to increase their value before they privatize them to maximize revenue to GoI and ensure that the aerospace industry will face little disruption as initially only ownership will change hands. I have heard a similar strategy is being taken with Air India, where government is planning to privatize them, but only after they have reached a certain threshold of profitability and market value.
my take is
if Reliance is interested they should start making aircraft and choppers for the civilian sector
otherwise good luck in dealing with them