Several people have asked about any news about this game from the GDC, and this is all that there was. This is the excerpt from the full article on several Paradox games at the GDC. The full article can be found here
Gamespot said:And the final game at this stop: East India Company, a game based on, of all things, the historical East India Trading Company, a mercantile powerhouse in the Age of Sail. The game will offer full economic trading gameplay, including the ferrying of goods to and from the New World with a dynamic marketplace with fluctuating prices for each commodity. It'll also feature a hybrid combat system that will let you command a fleet of ships as you would a standard real-time strategy control group by band-selecting your ships and giving them move and fire orders...but will also let you take command of an individual ship and control it manually to get the most out of its firing arcs, multiple shot types (the familiar naval ammunition ensemble of hull-shattering cannonballs, sail-ripping chain shot, and sailor-murdering grapeshot will be available on your ships), and, if you're in the mood for it, boarding enemy vessels. East India Company is scheduled for release later this year.