Yes, and as Intex (to my knowledge) isn't selling into Europe itself, then Jolla (or their hardware spin-off) could still strike a deal with them to be able to resell their product with as only difference/customization a cover that says Jolla but has all the internals identical to the product for the indian market. That would be much less risky than their own first phone which they designed (and had to fund the development of) themselves.

Within the next year or so, Jolla's current fanbase (which I think is >90% in Europe) will start looking at their next phone, and I for one would happily buy a Jolla-rebranded Intex phone. Perhaps they are hoping for companies that want to offer phones in Europe, but the reality is that there aren't any. Furthermore Google and Microsoft show you can have your own product and partner products.