From what I understand, the JV & the Star group are two different entities. Star India bought the India Cricket rights, the people from Star who are part of the JV did not. I think ESPN-Star JV did not even participate. But yes the parent company ESPN could have jumped in & bid separately , but I guess why would they fight against themselves in the JV.
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India matches could come on ESPN-Star, but they would come under some deal with Star India.
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I am actually thinking that Star India did a huge mistake in buying the rights at such a huge premium, because not only they need to conjure up profits, but they would need to share them with ESPN-Star JV.
Maybe, Star India entered anticipating a split in the near future. But as such, with the English deal and no other info coming out, do not see that happening for another year.