A comapany with a trademark uses a .in in INdia

IT.com
If the company has a trademark - you may be liable for INDRP case (buying in bad faith) thus not recommended.
On the other hand if you have a trademark by that name - you can certainly opt to purchase .co.in and other variants!
 
I notice that it's becoming more common for businesses to register terms with the domain extension (eg: .in or .com etc). One reason for doing this is to prevent them from losing the domain in an INDRP or UDRP case etc.
 
Your goal should be to buy domains that have meaning to many people / companies, not just one company. Going down the route you suggest is a legal minefield.
 

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