I would rather see it as a rival of currently underconstruction next generation P-28 stealth corvette for Indian Navy at GRSE, Kolkata. It is 2500 ton, mainly depends upon stealth technologies.First Indian ship with 100% indgns systems. New gas turbine engine, whole new package of sensors and EW systems, LPI radar etc. 12 of these corvettes projected. First comission to IN by 2009.
PN must bought the Milgem Corvette to counter it. In future battle P-28 and Milgem face-to-face.
I doubt Milgem and P-28 will frequently encounter each other, corvettes are meant for primarily defensive missions. Anyways PN is looking at a minimum of 4 Milgem, pending on requirements and financial circumstances we may see more.