It's not based on it, but Titans of Steel: warring suns seems like it pretty much rips it off lock, stock, and barrol.
Holy cow! The problem is, after reading about it, there seems to be a number of mechanics differences between the Battletech system and Titans of Steel (although it is definitely a knock off). I wish it adhered exactly to the rules so that my vast knowledge of Battletech rules wouldn't be wasted - and I wouldn't have to bother learning a new system. That being said, Titans of Steel looks great.