Yes I remember it. It was shown in Ireland by RTE which was the only channel we could receive in those days (those on the East Coast of Ireland could pick up UK television, but not us southerners).
I think the elephant's name was Kala Nack or something like it. I loved the theme tune even though it sometimes sounded like it was from an old record which was sticking in the groove.
I can't remember much about the other characters but it was all about the young boy and his elephant - a kind of elephantine version of Lassie with the elephant rescuing people trapped by landslides, fires or from man-eating tigers. Kala Nack and his young master (I think an elephant master in India is known as a mahout, but it was Ceylon (Sri Lanka) I think.)