If we compare this to current SpaceX Falcon 9 (not Falcon Heavy ) http://www.spacex.com/falcon9
Falcon 9 can deliver 8300 Kg to GTO and 22,800kg to LEO.
GSLV MK III delivers 4000 Kg to GTO and 8000KG to LEO ( http://www.isro.gov.in/launchers/gslv-mk-iii )
Mr. Musk will be delivering hell lot of stuff to space with his reusable rockets. SO, he will be very cost competitive to ISRO w.r.t launch price.