Which would be a better choice for an MBA-IMI/VGSoM?

There are some assumptions that help to select any business school. And they're valid for all top business schools at least the top 20. Go through these assumptions and see which B-Schools are closest to them.

The table given below shows a detailed overview of the institutes.

Deciding Factor:

• Many Business schools today are student-driven businesses and it has nothing to do with anyone else. No other factors such as faculty, infrastructure, knowledge capital do not matter as much. If the infrastructure were the issue then FMS or JBIMS would have been a long way behind. Most of the reputed B-Schools are all about their students, clubs, events, committees, placement drives, etc. 
• Alumni is one of the most important factors to consider for choosing a B-School. That is why many management institutes like FMS, JBIMS, IMT- GZBD thrives.
• What activity you are deciding on, in an enterprise college is categorized into clubs and committees, business college events (this one receives you plenty of prize cash too), academics (good academics and accurate CGPA offers better placements).
• Rankings no longer matter much for the pinnacle 10–15 schools.
• Placements depend a lot on alumni base and past history. For most business schools the percentage of companies coming back for placement is around 50%. It is all about reinventing the contacts and alumni are the best options for that. 
• You may hear a certain institute is better for Finance or Marketing. Which is not entirely true. Placement depends on hard work.

Go through the factors given above and choose the institute that fits these factors.