Value of a German Industrial PhD in India I have an offer for a full time job with a contract for 3 years in which I would be a PhD candidate in Germany at a reputed firm. I would have a supervisor at a technical university besides a supervisor at the company. The area of specialization is wireless communications. My plan is to go back to India in a couple of years and start working as an Assistant Professor in an IIT or some reputed institution in India. 

Will this PhD have the same importance as compared to a PhD done at a university when looking for such Professorship in India?
As to address the second part of your question, almost all IIT's have a strict requirement that after your PhD (Which can be from Germany) you need to be a post doctoral fellow for a minimum of three years (assuming you took 3 years to do your PhD, bringing your total experience to 6 years). It is also mandated that this must be outside your home country. 

Hope that helps.