It is expected that Toyota Avanza might be launched month of September or October 2011.
This is International Multi-purpose Vehicle and powered by 1.5L petrol engine and it would be a five door five or seven seater. While Toyota Innova is loaded with 2494cc diesel and 1998cc petrol engine. The has seating capacity of 7 and 8 passenger.
At present we can't compare these both cars because the company has not announced all the features and specifications of Avanza.
There is no official confirmation from Toyota regarding the Avanza's launch in India, so it will be early to comment on this. Also, Toyota already selling Innova MPV in good numbers, so it is needless to launch another MPV in the same segment.
Toyota hasn't made any official announcement regarding the launch of Toyota Avanza in India. But globally, it supports timing chain not belt. For more information on the same, stay tuned to Cardekho.