Hello friend,
There are Indian companies who have implemented 360 degree:
1. Maruti Udyog - refer link below:
The Hindu Business Line : Maruti adopts `360 degree' appraisal system
2. Sapient India
<link no longer exists - removed>
3. Survey report from Cerebrus - concludes that most IT comapnies have implemented 360 degree
<link no longer exists - removed>
4. Some views of Kiran Bedi on 360 degree [ I think she is the famous Kiran Bedi ]
The Tribune, Chandigarh, India - Editorial
The appraisal feedback needs to be maintained confidential and if number of people are less it becomes difficult to keep the confidentiality. For example if I have 2 reporting staff and one of them has rated me badly it will become obvious who is the person - in such case the employees will not particiapte or will not be frank in giving feedback.
Regards
Nishikant