Well I thought we were developing one with Poland.
No co-development, Poland is developing an own one, that we might procure, the Anders light tank:
But I don't think it would be a good alternative, because it is nearly as heavy as our T72 MBTs.
IMO these so called "light tanks" are not meant for normal tank battles, or roles, but to offer a highly mobile and effective fire support to our ground troops. We have to keep in mind that we are talking about IFV here, that get a 105mm, or even 120mm gun, but won't have a comparable armor like real tanks. The Anders is also an IFV mainly and available in several versions and one of it is the "tank" version.
Same reason why the US offered and even showed the Stryker IFV in exercises with IA (
U.S. Army To Conduct Joint Exercise with India - AUSA - 2009 ), which is also available with a 105mm gun (Stryker MGS Mobile Gun System):
But the Stryker is very light armored and needs further upgrades which increases the weight. According to latest reports, it won't be possible to transport them with the C130Js, like it was intended before.
I would prefer the Patria AMV (Finland) wheeled and the CV 90 (Sweden) tracked IFV for IA, which are proven, widely exported vehicles with several different versions available and even common turrets:
Patria AMV - Wikipedia, the free encyclopedia
Combat Vehicle 90 - Wikipedia, the free encyclopedia
Patria AMV with 105mm gun
120mm gun systems are possible too
CV90 - 120 light tank with a 120mm gun
Also interesting, that both are available with the same 120mm mortar turrets and IA expressed interests in such systems too:
Nemo, single barrel mortar:
AMOS, twin barrelled mortar: