It creates an Indian merchant republic in Debul/India. The mod only works in 769 AD so, yeah.
To install extract the two files into the mod folder. That's pretty much it.
The republic isn't really special - except the people are. There's a Khitanese Doge watching over the republic with two Hindu and two Sunni patricians. For obvious reasons You'll need the following DLC.
(possibly) Horse-lords because Khitan is a culture in it.
Version needed (or the once I used) is 2.7.1 it should be compatible with most mods.