How do I decide among IIT Madras and IIM Nagpur for an MBA?

If you want my honest opinion here it is. I would choose neither of the colleges you mentioned. My opinion is based on the following reasons.

• IIT Madras excels in the technological field but has no specialization in Management at all.
• IIM Nagpur is a baby IIM and does not do justice to the IIM family name

But if you have no other options at all, then IIM Nagpur seems the better of the two. It is in the process of developing so maybe in some years it earns the credibility it owes to the IIM family and lives up to its name. Also some blind companies still prefer IIM students over other B Schools.