Sony India had recently announced the release of Android update for their previous generation of Xperia handsets. Initially they had already released the ICS update for some of the European countries and this process of update to latest Android OS for Xperia based phones was started on 15th April, 2012.
Also it would be interesting to notice that in first round only 3 Xperia handsets that is Xperia Neo V, Xperia Arc S and Xperia Ray will get the ICS update and other will get the same after few months. The updated version of Android would be ICS 4.0.3
There is also a precautionary advice from Sony on their blog that in spite of their best efforts in porting ICS to their Xperia phones, there might occur a situation on which the overall stability of the phone may decrease due to less RAM available for the overall operation of the OS . As per the official requirement, Android ICS needs at least 1 GB RAM to run smoothly but most of the previous generation Xperia’s including top of the line Arc S is equipped with just 512 MB of RAM. So my advice is that thing twice before updating your stable android version.