yes i did go thru the conversion but that was a decade back and i had cleared all my indian exams including my RTR before going for my FAA training, even then the idiots took 2 months to issue me my indian commercial!
do go thru the new flow chart at dgca.nic.in...its shows you guys exactly what they want for an indian cpl. I do foresee class I medicals getting outsourced soon and ppl getting hired on a foreign commercial for a period of 2-3 yrs initially till you get the conversion done...keep your fingers crossed!