It was released in Indian theatres. I saw it. It was shown for free as part of Hitavad Twinkle club for kids back in the day.
"The Hindi dub version was released in the late 1990s. Arun Govil, who is popularly known for playing the role of Rama in Ramayan (1987 TV series) voiced Prince Rama in the version. This film was distributed as a work in the 40th Anniversary of the Establishment of the Diplomatic Relations between Japan and India. All India Distribution was by Kamal Hassan, Rajan Lall and Shringar Films.[11][12] The film was not released on a large scale as the Ram Janmabhoomi (Birthplace) Movement was at its peak and the movie made into controversy. But later it was released on TV channel Cartoon Network.[13"
Because of Ayodhya verdict etc going on that time it seems it wasn't released pan India.