The `Indian Corporate Law' blog links to a story in the Economic Times which says that one factor why the Bharti/MTN transaction fell apart was: India's 75% restriction on foreign ownership of telecom companies. That fits in the larger theme of India's 21st century firms hitting limitations owing to 20th century controls.
They also have a story on a possible first Indian Depository Receipt (IDR) from Standard Chartered Bank. If it comes through, that would be cool. But that's going to take quite a few changes by SEBI and RBI to the existing policy framework for IDRs (which have helped ensure zero foreign listings in India).