As mentioned in the answers before me, IIT Mandi is not a good choice for Masters’. It is located in a remote area with low connectivity. This makes it difficult to reach, and consequently, affects its placements to a great extent.

Other than location, the college lacks a strong alumni network. B.Tech students from new IITs either opt for an MBA, or choose to pursue their M.Tech from an old IIT. IIT Mandi as of now, does not have a very strong reputation in the industry. An 8-12 LPA CTC is not up to the IIT standards, but this is usually the package range offered to B.Techs from IIT Mandi. If B.Techs are struggling to get placed, the situation would obviously be tougher for postgrads. 

Choose M.Tech VLSI from IIT Mandi only if you do not have a better option.