AOL has come to India with their India specific portal www.aol.in, though I might wonder if they are too late. Nothing too interesting about it. It has the usual news channels, with Cricket and Bollywood getting obvious attention. Plus there's the email and the Instant messaging about which I am not too sure if there would be many now who'd be keen on an @aol.in web based email address with the much superior likes of Yahoo and Gmail.
How I'd see is that its just another India specific portal, and there is simply no need for it- with Rediff,IndiaTimes,Yahoo, and MSN already around.
How, if they, do they actually pull it off will be interesting to watch. If you remember, long long time ago, Lycos had came to Asia, India included, www.lycosasia.com (the link doesn't work anymore), and didn't really deliver.