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Dear Ritesh,
For domestic candidates,A minimum aggregate of 60% [CGPI = 6.5/10] over all the semesters of their Bachelor degree in engineering (or equivalent) or Masters degree in Science (and first class Bachelor degree) . There is a relaxation of 5% in marks or equivalent in CGPI for SC/ST candidates. Those appearing for the final degree examination can also apply. The admission in such cases will be subject to their fulfilling the minimum eligibility criteria. The qualifying examination is CAT.
For candidates from Abroad,
The candidates holding a foreign passport, or Indian passport but studying/working abroad continuously for at least the last two years, and having a valid GMAT score are included in this category.
They should have an undergraduate degree or equivalent in Engineering (e.g. BS with major in any branch of Engineering, B.E., B.Tech., etc.) with First Class (grade point average of 6.5 on a scale of 10) or a graduate degree in any branch of Science (e.g. MS, M.Sc. etc.) with First Class (grade point average of 6.5 in a scale of 10) at Bachelor and Masters level.
Those appearing for the final degree examination can also apply. The admission in such cases will be subject to their fulfilling the minimum eligibility criteria. Work experience is desirable but not essential.
The candidates holding a foreign passport should qualify in TOEFL or IELTS.
Details can be seen here :- http://www.som.iitb.ac.in/joomla/index.php?option=com_content&task=view&id=28&Itemid=60