According to their Facebook page, the first part of the name "stands for an independent [...] team that will go ahead to win a billion hearts". The second part "stands for an elite fighting squad, renown for attacking with speed, stealth and deadly power".
Later, perhaps to address certain criticisms, a third part to the name was also announced. What is the name?
Update (18 Mar 2011)
A follow-up to this question: after these protests, the name has once again changed, and incorporates one of the key symbols of Kerala. What's the new name now?
[+ Show Answer]
The official name of the Kochi IPL team which is now called "Indi Commandos Kerala". Earlier, there was no mention of any term related to Kochi or Kerala. It still remains a spectacularly silly name.
Updated follow-up question
Kochi Tuskers Kerala,