It's interesting because both countries are on the same path in their own naval arms race. China refits the Varyag while building two of its own indigenous carriers. At the same time, India refits the Gorshkov while building two if its own indigenous carries.
The Gorshkov refit will be called the INS Virkamaditya and it will be launched for trials within the next 6-8 weeks.
Artist rendering of the finished Indian carrier:
The Indians are turning the Gorshkov into a good looking ship. And I see a big collision between the Indian Navy and PLAN at some point in the future...