The Australian Maritime Safety Authority is coordinating the rescue, after Tomy's yacht was damaged in a storm during the round-the-world race.
Tomy's vessel was dismasted in extremely rough weather and sea conditions, with wind speeds of 130 kmph.
The Australian Defence Force has joined the urgent rescue mission to find a seriously injured solo Indian sailor who's sent desperate distress messages from his stricken vessel in the southern Indian Ocean.
Australian navy frigate HMAS Ballarat sailed from Perth on Saturday night for the yacht's last known location, about 3,333km off the Western Australia coast, the Australian Defence Force said on Sunday.
The mast of Abhilash Tomy's yacht Thuriya broke off when it was rolled in a storm on Friday and the yachtsman suffered what he described as a "severe back injury".
Race organizers posted a photo to Facebook early Sunday of the Thuriya taken from an Indian Navy aircraft and showing the vessel's sails in the water.
"Commander Tomy responded by ping on EPIRB as the aircraft was flying over him", he said. "All our efforts are being made to rescue commander Abhilash Tomy".
Tomy, 39, was sailing solo as part of the Golden Globe Race (GGR), which involves travelling 30,000 miles (over 48,000 km) to circumnavigate the globe.
The race departed Les Sables-d'Olonne in France on July 1 and competitors must sail solo, non-stop around the world via the five Great Capes, returning to Les Sables-d'Olonne. The Kirti Chakra awardee was in the third position in the race with 11 worldwide participants, having sailed over 10,500 nautical miles in the last 84 days, since setting off from Les Sables-d'Olonne in France.
The Indian Navy on Sunday announced that its officer Abhilash Tomy, who sustained injuries while participating in the Golden Globe Race 2018, will be picked up by French vessel Osiris in the next 16 hours.
Australian rescue authorities are leading what has become an worldwide rescue mission after the yacht encountered a severe storm.
Meanwhile, it is learnt that Commodore Tomy has established communication with Race Control, France, which in turn is relaying his messages to JRCC Australia.
Mr Tomy's rescue could take days and authorities are now battling to reach the remote waters where tracking signals have located his yacht 3000km southwest of Perth.
Race organizers said Sunday that poor weather conditions will delay the arrival of the first ship to Tomy until Tuesday.
When interviewed previous year, Tomy had particularly relished this aspect of the challenge, saying, "We won't be allowed to use any new technology that has been developed since then".