IISER Berhampur is well rated and it has well reputation. So you can surely go for it. To know about it course structure just visit the official website and you will get a plenty of info there.

You can study geophysics as your elective subject or specialization but geology may not be possible. Although geology and geophysics are quite of a same but have some difference which are almost negligible in the job sector.

I hope my answer helps. All the very best for your future endeavors!