Are programs in collaboration with universities abroad recognized in Indian B-Schools ?

No. In India, the concept of collaborating with universities abroad is not across institutions. Therefore, degrees/diplomas offered by foreign universities while pursuing studies with a B-School/Institution located in India is not considered valid. It would be important to check out the credibility of the institution in the market before taking the final leap. The best example here would be Indian School of Business (Hyderabad). The B-School despite international linkages and without any recognition from any authorized body in India stands tall in terms of providing the best inputs and placements to its graduating students for over many years.