Researchers at IIT Madras have developed and deployed the Ocean Wave Energy Generator. - Updates
The device located about six kilometres from the coast of Tuticorin in Tamil Nadu, generates electricity from the oscillation of waves.
I think India - and indeed the world - is far from commercializing wave power
Some estimates put the total potential from wave power globally to be about 2 TW (about 30% of the current global power generation capacity), making it worthwhile to pursue serious R&D in this domain.
I reckon the above logic applies to India as well, though perhaps a bit muted because I understand the energy density of waves near the Indian coastline is not as optimal as it is for some other regions (off some European coasts, for instance)