The answer is no -- though the warranty transfer covers repairs, it does not cover replacement once you have exported it to another country.  
So I recently bought Alienware m15 R7 from the USA and has successfully transferred the ownership and warranty to India. The laptop is not performing up to the mark and after contacting Dell support they have come to a conclusion that there is some hardware problem in the laptop due to which they have to arrange a onsite visit. I do not want any component or motherboard replacement as the laptop is brand new and it is not even 15 days old and is still in the return period. Now, is it possible that the laptop bought in the USA can be replaced in India as the same specification model is being sold here as well and it comes with international warranty?
m15 R7, USA to India, warranty details