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Yes, do it from the best Institution. It will help you to gain good MBA degree.
There are tons of universities in India that are offering distance learning MBAs.
I am assuming that you already have a job.
So, finally it boils down to what are your expectations from the MBA you get.
Increase the brand equity of your CV, and you will manage career progress yourself. Then you can try pursuing the Distance MBA course from any B-school in your state. A few of them, I have listed below:
IMT Ghaziabad -1 Year MBA & PGDM Distance Learning program- IMT Ghaziabad
Symbiosis -Symbiosis Centre For Distance Learning, Distance Education, India-
Sikkim Manipal University -http://smude.edu.in/smude/lp/lp-.
However, if you are looking forward to increase the brand equity of your CV as well as get assistance with placement. I wish to recommend you the following programs that are a little more engaging
IIM Kozhikode EPGDM - 2 year program for working professional (you can continue doing your job)