MAS had been serving Hyderabad and Bangalore for quite some time now (about 2 years, as someone mentioned earlier). As far as I know, MAS is planning to double their frequency into Chennai (Madras), i.e. from once daily to twice daily; increase the frequency from 4 weekly to a daily flight into mumbai (Bombay) and Delhi. Not too sure about Hyderabad and Bangalore though, which is being served once and twice weekly respectively.
PEN makes more sense than LGK, seeing that LGK only generates tourist traffic. IC could link PEN with BLR, both the silicon valley of each respective countries. What beats me is that IC have a larger presence in Malaysia compared to AI. I think AI only have 3-4 weekly flights into Malaysia compared to daily by IC. AI planning to expand further into Malaysia?