Slim chance of that happening. Reason? Aggressive timeline. We need to mass-produce this engine by 2030, so it is available by the time AMCA Mk2 prototyping commences.
2022 if the RR partnership fructifies, we have only 8 years to fix the metallurgy, set up all manners of testing facilities for future engines, test & certify it for various altitudes (if it goes into Tejas Mk2 then add redundant controls for single-engine fighter) & put it into production in a factory. That's a lot of work even with outside help! Rivalling what GTRE achieved in 40 years. Focus of AMCA Mk2 itself will be to go from 5 gen to 5.5 gen which is another truck load of work in AI, optionally manned, swarm drones, hypersonic and DEWs.
I think a more pragmatic approach would be to pend the variable cycle for an AMCA Mk3 around 2040. Just roll out AMCA Mk2 with an EJ200/414 EPE class engine IP fully owned by India. If there is anything to learn from LCA, that is baby steps and fast iterations. Even the KAI KF-21 Boramae will be flying with a pair of F414's, around the same time.
A variable cycle by switching between high thrust & high efficiency modes gives you:
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The first three are operational benefits that can be made up for by IFR at the current engine tech level.
If we go chasing the ultimate in fighter tech and roll out plane after plane with GE engines until that ultimate engine is available, US will forever be in a position to black mail us- better to cover for that quickly with 20 year old tech which we are currently struggling to master.