Hi,

Yes, now a days AI&ML is most in demand you can say more than CS. So placement scope will be good for you in MLRIT.

Both information science and artificial intelligence and machine learning are equivalent to CSE I would say AIML is even better than CSE as it is all latest technology with CSE basic subjects covered in second year and third and fourth year almost completely devoted to machine learning and data science

If  you know for sure that you are going for machine learning field then go for AI&ML for bright future.

Hope this helps.

Good luck.