Both Indira PIBM and RIIM Pune are reputed management institute. But as far as an MBA institution is concerned, check some facts to reach a conclusion. RIIM Pune is great in aspects like the faculty members, placement scenario, practical experience, etc. RIIM Pune is limited, every student, individually, gets the attention of the professors. Other colleges take 500+ students where the attention of the professors is always divided. RIIM has a faculty set of highly experienced people. Keeping industrial visits aside, there are frequent guest lectures by experienced professionals. The college focuses on creating managers who are street-smart and as far the curriculum of the college is concerned, it serves the purpose well. RIIM is great as it makes the students ready for industry management in the future.

All the colleges are good. But being a student of RIIM Pune I can say that RIIM is best in number of the fields, like placement, course structure and ROI. RIIM is having a dedicated placement team which is taking care of all the factors like Placement readiness, training on GD & PI, Confidence building and off course good placement in reputed companies. The course structure of RIIM Pune is something I like the most, apart from Pune University MBA program and PGDM program they have included Employability and MDP along with it so the courses have become more vibrant. RIIM is offering average package of INR 6 lac in a very affordable fee structure. So, in respect of ROI also it is best. I am fully satisfied with RIIM Pune.

Hi, You can check the reviews of both the colleges here:
RIIM Pune: http://www.bschool.careers360.com/colleges/ramachandran-international-institute-of-management-pune/review
IBS Mumbai: http://www.bschool.careers360.com/ibs-mumbai/student-reviews

You can choose IBS as all branches of it are decent.