The Kindle (from Amazon) is available worldwide, but is too expensive when shipped to India. On the top of it is English only (for the moment).
Now an Indian company (http://www.infibeam.com/) have come up with an Indian clone for Kindle and its called the Pi. So much so that the site also looks heavily inspired by amazon.com ... I did have wished that they would have been a bit creative here!
The plus point with this device is that it supports Sanskrit, Hindi and most of other official languages, which is missing in Kindle. The only truly missing point is wireless, the thing that makes kindle successful. To ignore it wont do good in long run, I think. Also the ability to make notes on kindle, along with the dictionary are two great reading aids, which I think would be completely missing in Pi.
The price of 10K is also too high, I think. The device should be below 5K to be popular in India. Some features like an SD card reader is actually not very useful, it should simply be removed and the cost saved.
Overall, I think it is interesting to see some thing like this come up in India. I think after the Simputer, this is the first IT hardware product made in India, and made for Indians. The Simputer was quite an innovation, which is missing to a large extent in Pi. Even then, kudos to Vishal Mehta and team for kick starting this. I hope he can open up the device for 3rd party programming too, possibly release an SDK along the lines of Amazon Kindle?
(Note: Pi is available for pre-order from http://www.infibeam.com/Pi)