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Hi Tushar,
Candidates wishing to enter the navigational and engineering fields of Merchant Navy need to complete their B.Sc. degree in mechanical or marine engineering, before they can gain admission to the field. In some cases, students who have completed their 12th with PCM (Physics, Chemistry, Mathematics) are eligible to join as Deck Cadets.
Navigating Officers - Candidates will need to obtain a Certificate of Competency, as per the regulations in India relating to the examinations of Masters and Mates. Conducted by the Ministry of Surface Transport, in association with the Directorate General of Shipping (DGS) Mumbai, the examinations help determine the promotion prospects for the officers.
For training, the best training institution for the navigating officers is the T.S. Chanakya. Candidates who qualify from here, that is complete their first certificate of competency of Second Mate, need to go through a three year training in Nautical Science (B.Sc.) and then complete a year's duration of practical training in the deck department of a merchant ship.Selection is based on the Joint Entrance Examination given by the IIT; a merit list is prepared after the written test and interview are completed and the Director General of Shipping has the authority to chose which of the 2 training programmes the candidate is best suited for (students can let their preference be known) Both the T.S. Chanakya and MERI institutions do help (under no Government obligations) in recruiting their graduates in suitable Indian Shipping Companies.
As far as remuneration and other benefits are concerned Merchant Navy is one of the few careers where the salary is relatively high. The pay is definitely different from company to company, depending on the city, country, export and import needs, seniority etc.
I hope it helps. Please feel free to revert.
Wish you luck.

IBS Mumbai is good. Its placements are also superb. The first phase of placements consists of JP Morgan Chase, HDFC, ICICI, Deloitte, KPMG, and CRISIL. The second phase consists of companies like Bank Of America, Axis Bank, Kotak Mahindra, ITC, Tech Mahindra and so on. The third phase consists of Landmark group and Satguru travels. At the time of placements companies will prefer anyone who has work experience. As you have 2 years, 3 months work experience, you will be having added advantage over others at the time of placements. There are people with 3 and a half years of experience, 4 years of work experience studying in IBS Mumbai. So how it can be ideal for only fresher ? Its not true at all.

IBS Hyderabad, Jaipur and Dehradun provides the degree of MBA but IBS Gurgaon provides a PGPM degree since it is an autonomous programme. Institutions like IIM, MDI etc. are not AICTE/UGC approved but they do provide a PGPM degree just like IBS Gurgaon. Even if these colleges are not approved by the same, they still hold a very good reputation for someone pursuing a professional course from these colleges. Reputed companies do visit IBS Gurgaon and there won't be any issue regarding the approval of a college. Although there is an exception that if you want to go for a govt. job, a degree of MBA is a must. In that case, IBS Gurgaon also provides a degree of MBA which is being conduct by IBS Dehradun on the payment of a certain fee i.e. Rs 25000 pa. Apart from this, IBS-Hyderabad, Jaipur and Dehradun provides an MBA degree and hence the payment of Rs. 25,000 is not required in the same.