At last, the day when iPhone will be released in India is August 18th. I found out this while i was surfing the web. Vodafone will release first on 18th August and Airtel will release it after 15 days.
Regarding the price and other information is not yet finalised. There are many iphone fans waiting in india to catchhold of the new iphone. To see a tour of how iphone is click here.