All Private Sectors are having traders mentality first, even the ones that become Industrialist. This especially true in most Global South. However this also means they have mostly better project management mentality then most State Owned Enterprise (SOE).
The bureacrats off course prefer to give projects to SOE that they can control more, and politically always provide better image that government projects goes to their owned business. However that's what makes many SOE throughout Global South have complacent mentality. Whatever their performance are, they will get the job/projects are.
Aerospace industry is very capital and tech incentive. Tata Group already wiling to invest on that industry. Something that only few countries that have private sectors willing to venture in that area. In my opinion India should give then manufacturing projects to compete with HAL. The RnD mostly done through DRDO, and let not all projects goes to HAL. Complacent mentality will only be the results if HAL being guarantee to get most projects. That's already happening in many SOE throughout Asia Global South nations.
We should not bluntly equate trader's profit mentality with project management skill, bcoz greed for profit can result in corruption, unethical & dangerous shortcuts on the name cost cutting, etc. We've seen that with Boeing. & past companies also.
If someone's project management is o damn good then R&D should not be a problem, bcoz it is a calculated risk. at some point in future it'll pay off by huge amount.
The private sector also needs to understand that defence is about national security, not profit security & try to sell consumer goods, capture market.
Patriotism is more important then profit, otherwise even LM, NG, Boeing have got scolding by USAF/GoUSA.
Currently they will be making just some components, not designing a jet. So everything will be fixed finitely, # of jets in IAF, their components, cost, profit margin, etc.
If you look at subsideries of Tata group like TCS, Tata motors, etc then there have been many complains on management & work culture.
Personally, i don't trust either Tata or Ambani, IDK about Adani.
I'm not defending HAL but it is also a fact that it makes everything - fighter jets, transport jet, transport helos, attack helos, trainers, etc. So to handle new projects, they'll need new facilities.