Samsung has just listed its unannounced Galaxy Grand Neo (GT-I9060) on the company website with a 5-inch WVGA display, an unspecified 1.2 GHz quad-core processor with 1 GB RAM and 16 GB internal storage which is expandable upto 64 GB, probably running Android 4.3 Jelly Bean (but that's not mentioned on the the official page.)
It sits between the Galaxy Grand 2 and the previous-gen Galaxy Grand in terms of specs and probably price as well. Although other than the official listing there is not much to go on in terms of availability or price. Getting back to the hardware specifications of the Galaxy Grand Neo, it is a dual-SIM device with 3G HSPA+ connectivity, WiFi b/g/n, Bluetooth 4.0 LE, 5 MP primary camera with LED Flash alongwith a VGA front facing selfie-taker. WiFi direct, DLNA, GPS with GLONASS support are also mentioned. There's a 2100 mAH battery which keeps things running.
At present we don't know if it will make it to India or not, but chances are that the previous-gen Galaxy Grand will be replaced by the Galaxy Grand Neo with a slight difference in price due to the difference in specs.