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Hi Murgesh,
Advisable would be that you should plan for an MBA degree through a decent full time Institute to get good return on investment but if you can not go for a full time programme you can go for correspondence if you have good amount of work experience.
As far as ICFAI is concerned few of the things which you should check before joining are: First and foremost the recognition of the Institute (the institute must be recognized by UGC or AICTE), Secondly, the course curriculum and the study material, the infrastructure, the faculty(their educational background), the placement, last but not least Institutes reputation in the job market for which you should visit the institute and try and talk to the current batch students and get few of the alumnae contacts as well. This will give you a real picture about the institute.
Few of the other Institutes which you can check: IGNOU, IMT, Symbiosis, Annamalai University etc.
For more information please check the link below:
https://management.shiksha.com/getCategoryPage/colleges/management/india/All/All/All/categorypages/Degree/PostGraduate/Correspondence/0/30
Hope this resolves your query. Feel free to put up more queries In case your query is resolved please close this question by choosing it as a "best answer" or pressing the "thumbs up" icon.
Thanks,
Pooja