Dude..there is no such concept in India, all the work & study MBA programmes are unrecognized as AICTE or UGC doesn't have any such approved MBA programmes. Join a good business school first, study for two years do proper internship and sit for off campus & on campus placements and get a good job.
Ask these questions to the college which is offering work and study programme?
Which degree or diploma offered?
Mode of study full time, distance or part time?
If you are satisfied then go for it, mostly the job you will get is a field job selling some encyclopedia, credit card or insurance. You will be placed in insurance companies like ICICI prudential, Religare and pay will be incentive based meaning you achieve sales targets and get some commission. Degree will be distance mostly from Bharathiar University.
The same is true even with Industry Synergised MBA Programme offered by GEMS Business School, a quickly went through their website ans saw that the MBA offered is from Bharathiar University..hmm..it's a distance MBA.