Toyota Avanza will have powerful 1.5L petrol engine. The engine capacity might be 1495cc with 4 cylinder, DHOC, 16 valve with VVTi technology. The powertrain is believed to generates 109PS of peak power at 6,000 rpm and churn top torque of 141 Nm at 4,400 rpm. You can use the given link to view more about Toyota 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.