The victim, identified as Jaspreet Singh, has been admitted in the hospital with 15 per cent burn injuries, say media reports.
Initial reports suggest that the four men roughed up the youth before pouring some fluid on him and torching him early on Saturday, Jan 9.
The Victorian police, however, claim that the attack was not racially motivated.
This is the third brutal attack which came to light in the new year of 2010.
A 21-year-old Indian student, Nitin Garg was stabbed to death by unidentified assailants last week.
Just days later the Victorian police confirmed that the partially burnt body found in New South Wale on Dec 29, was that of a 25-year-old Indian identified as Ranjodh Singh.