Teams are not bound to apply from their org's organizational base, they can apply from anywhere. Just that the region they apply from, they will have to keep 3 players from there.
The ideal situation is they stay in India, pick up three SA players and two imports, and just spend the time to nurture the team and invest in a long term project.
Ofcourse that would be long and expensive without any viable revenue streams, so they probably won't do that, but one can hope.
More realistically, they shift to SEA. GE has been a partnered team since day 1, and I imagine they won't deny partnership to the pre existing publicly unproblematic teams. Especially with this year seeming promising.
Even if GE lose their slot, I think atleast one indian org gets a slot, judging by the fact that the ewc thing has 2 Indian "Partnered" orgs. But for anyone else as well, the options remain the same.