An F-35 buy for India would be very complicated- would India join the program itself? What level of parntership would it be offered/interested in?
For the numbers of future carrier fighters required MRO/service centres would have to be set up in India.
The F-35 program is a bloody mess and India would do well to steer clear of it, the French aren't looking for a 5th gen fighter for the foreseeable future which ensures the Rafale will be upgraded extensively long into the future- India will be hitching itself to the right wagon if it got involved there IMHO.
HAL will still be involved, they are easily India's most capable aviation player and will be providing sub-assemblies and components to the Dassualt-Indian partner consotrium who will be conducting all final assembly and outputting the finished product.
To be honest, the human capital exsists in India that anyone with deep enough pockets can set up any such plant in India and it will be a success (both Dassualt and Reliance have DEEP pockets). Look around to se numerous examples of success. TATA has its hands full with the C-295 production and many other deals on its plate (S-92, 787, P-8, F-18 etc) so it is right to get another giant in the aerospace game set up in India, I would have preffered L&T but Reliance are okay. Dassualt will ultimately be liable for quality of the finished product and timelines so they will ensure any company they tie up with is producing the goods.