Robert_Charlton - 9:24 pm on Nov 29, 2012 (gmt 0)

Will Geo-Location meta will be of any use in such condition? Will googlebots give preference to location, geo.region, country metas.

In the applicable section of the March 12, 2010 Google article that phranque references above, John Mueller of Google says...

Note that we do not use locational meta tags (like "geo.position" or "distribution") or HTML attributes for geotargeting. While these may be useful in other regards, we've found that they are generally not reliable enough to use for geotargeting.

"Not reliable" here might mean anything from accidentally-copied-from-a-template to hoping-to-influence-rankings. As Sgt_Kickaxe points out, Google hasn't found even language metadata, reliable enough to trust.

If the intention of the geo-location metas is to somehow make the listings appear more "authentically local" to Google, I don't think that's going to work.