The most popular Phantom comics publisher in India has been Indrajal despite going out of publication in 1990. More information can be found at Bryan Shedden's website.
After Indrajal, there were two major publication houses that produced Phantom comics in India. These were Diamond Comics (P) Ltd and Egmont Imagination (India) Ltd. Diamond Comics stopped regular publication of Phantom comics in 2000, and Egmont Imagination in 2002.
These publishers, however, come out with reprints once in a while.