Distance MBA

Yes, do it from the best Institution. It will help you to gain good MBA degree.
There are tons of universities in India that are offering distance learning MBAs.
I am assuming that you already have a job.
So, finally it boils down to what are your expectations from the MBA you get.
Increase the brand equity of your CV, and you will manage career progress yourself. Then you can try pursuing the Distance MBA course from any B-school in your state. A few of them, I have listed below:
IMT Ghaziabad -1 Year MBA & PGDM Distance Learning program- IMT Ghaziabad
Symbiosis -Symbiosis Centre For Distance Learning, Distance Education, India-
Sikkim Manipal University -http://smude.edu.in/smude/lp/lp-.
However, if you are looking forward to increase the brand equity of your CV as well as get assistance with placement. I wish to recommend you the following programs that are a little more engaging
IIM Kozhikode EPGDM - 2 year program for working professional (you can continue doing your job)

MBA (Master of Business Administration) and PGDBA (Post Graduate Programme in Business Administration). Both these courses are similar in terms of learning, where one being narrow in scope and the other being wider. MBA is a master's degree of administration, wherein students learn both practically and theoretically and gain in-depth knowledge of the business culture, while PGDBA does not provide such insights to the course, but touches all the portions of Business Administration. This is a Diploma and not a Master's degree. If you are looking to go for a job in the near future, I would suggest you should go for MBA and increase your chances of success of getting a handsome job for yourself.

MBA through distance learning is created specifically for professionals with work experience. MBA through distance learning provides students with the same foundation in key management concepts and disciplines as in a two-year fulltime MBA. MBA through distance course work is built on the basis of that students will have diverse and extensive work experience by virtue of which they will able to related to management theories and concepts. The major difference in the delivery of MBA distance and fulltime MBA is pedagogy. Full-time MBA is taught by extensive case studies and group work whereas MBA distance has more of lectures and course material sent by correspondence. Full-Time MBA students have easy access to teachers and fellow students for discussion leading to better learning. Full-time MBA provides an environment for overall development of the student. Full-time MBA is able to avail campus placement facility which is missing in MBA through distance learning.
Unless, you have personal constraints, you are advised to opt for full-time MBA.