An Irish race competitor, Gregor McGuckin, whose own yacht was damaged in the storm, has set up a temporary rig and is attempting to cover the 150km separating him from Tomy's position.
The French fisheries patrol vessel Osiris, which carries medical support, is making her way from a position 123 miles south, but experiencing adverse seas and making only 4.1knots.
The Australian Defence Force joined the mission to rescue Tomy, who sent distress messages from his vessel, reported Australian TV network's Channel 9.
The Australian Defence Force was called in to help rescue Mr Tomy, with HMAS Ballarat dispatched from Perth to his last known location.
Commander Abhilash Tomy, who is representing India in an worldwide sailing event, has suffered serious back injury after a storm dismasted his yacht while sailing in the Indian Ocean.
"Defence support is being provided following a request from the Australian Joint Rescue Coordination Centre".
The Indian Navy's P8I aircraft, which flew from Mauritius in the early hours of Sunday, has located the "mast broken boat rolling excessively", he said.
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"Commander Tomy responded by ping on EPIRB as the aircraft was flying over him", the spokesman said here. All out efforts are being made to rescue Commander Abhilash Tomy.
Commander Tomy was representing India in the Golden Globe Race 2018 (GGR) on an indigenously-built sailing vessel "S V Thuraya".
"The Rescue Mission is being coordinated with the Australian Navy".
Other racing yachts may be able to check on the yacht in the meantime.
Organisers said the executive jet from Perth would reach the area of the yacht on Sunday.
India's Abhilash Tomy gestures on his boat "Thuriya" blows a kiss as he sets sails from Les Sables d'Olonne Harbour on July 1, 2018, at the start of the solo around-the-world "Golden Globe Race" ocean race in which sailors compete without high technology aides such as Global Positioning System or computers. The Kirti Chakra awardee was in the third position in the race with 11 global participants, having sailed over 10,500 nautical miles in the last 84 days, since setting off from Les Sables-d'Olonne in France.
Participants must use yachts similar to the one sailed by Sir Robin Knox-Johnston during his round-the-world -adventure in 1968-1969, when he -became the first person to perform a single-handed, non-stop circumnavigation of the globe. No modern technology is allowed except for communication equipment.