Hostgator has started operating from India now !
Update on Feb 13, 2012:
I am seriously getting disappointed with Hostgator India now for the following reasons:
1. One of my test sites hosted with them is getting repeatedly hacked. This has not happened with 100s of sites I have with Hostgator US.
2. The customer service is pathetic unlike Hostgator US support which I am a fan of. They mostly seem to help from a script and do not hear to our problems unless we repatedly and forcefully say what the problem is.
3. One of my most important revenue generating sites got wiped out completely for 36 hours before I took notice and got them restored. This has never happened with any of the hosts I had.
4. One of my sites is not accessible from various locations and they are unable to help me resolve it.
5. I am starting to see slow speeds both in front end and WordPress back end besides being fresh installs and heavily optimised for performance already.
So far I have been using Hostgator India only for my personal projects. Now, I am getting concerned that I should not provide this server for my clients. I will watch them for sometime. If they continue to suck, I will make a move to Hostgator US. One of my friends who is very experienced with Hosting industry says, none of the India based hosting companies are reliable enough due to poor infrastructure in India. Any comments?
Following was my initial blog post written few moths before:
I am excited about the benefits:
1. People can view the price in Indian Rupees and make payment through Net banking account. Not many have Paypal / Credit cards.
2. They have localised free support through chat and toll free phone in English and Hindi. Hope they offer more regional languages soon 
3. Having a server in India is good for SEO and site performance for websites which have most of their audience in India.
4. This will introduce healthy competition in the web hosting market in India. I expect to see more global players coming here and local players slashing prices and providing better support.
They have too much money invested already in Texas. India is easier to do business with than China and they have over 1 billion people. It is probably just their first international expansion as it has the potential to be their most profitable.
Hi Mirza, I have already bought a reseller account from India and finding it good. Especially the speed for FTP.
hello, this is not a hostgator company.i think someone created website for reseller business from the hostgator.com. hostgator.in is an intrermediator. so i l directly buy webhost from the hostgator.com, this is my point of view.
Hostgator.in is an official venture by Hostgator US. Please see http://support.hostgator.com/articles/pre-sales-policies/hostgator-india-hostgator-in
Thanks Ravi for sharing the link. I never knew HostGator has an Indian subsidiary.