The Economic Times reports that IIT-M is considering such programs with US universities.
IIT Madras, like many top institutions, had a number of collaborations between the faculty in many universities. But [IIT-M Director Prof. Bhaskar] Ramamurthy wanted to take the collaboration to a deeper level culminating in a joint PhD programme in the near future.
This is not really a new idea. Jaideep Srivastava and Pankaj Jalote mooted something similar five years ago [I didn't like it.] IIT-B has already implemented a version of this idea an arrangement with Monash University in Australia (I'm not sure if a joint PhD degree is a part of this deal, though). Heck, IIT-M itself has tried it with NUS, Singapore -- and has very little to show for it. ET doesn't go into the why this arrangement didn't pan out, or how it'll be different in its new avatar.