Virgin Comics has brought out a range of graphic novels based on Indian myths and stories including the Ramayana and the Panchatantra. The outfit, a tie-up between Richard Branson’s conglomerate and Deepak Chopra, is based in Bangalore and is touted as an initative designed to start a creative renaissance in India.
India Authentic is another Virgin Comics series which deals with well-known episodes of Indian divinities, a modern-day avatar of Amar Chitra Katha perhaps. Deepak Chopra introduces each book for the reader unfamiliar with Indian mythology. See this forum’ interview with writer Saurav Mohapatra on the series here: https://venetiaansell.wordpress.com/2008/05/19/interview-with-saurav-mohapatra/. He speculates on further books from the series based on the Mrcchakatika and Kalidasan epics – I very much hope so.
Not too much media coverage visible outside the comics/gaming sphere, but the Guardian did cover the launch of the Shakti line back in 2006: http://www.guardian.co.uk/media/2006/jan/07/pressandpublishing.virginrichardbranson