Dear Harsha,
The basic difference is geography, which then will affect placement of graduates. Most schools place predominantly in their surrounding area. While you will probably get the same basic business fundamentals in any accredited MBA program, there are variances from school to school (not just global region) in terms of curriculum and other resources. There are also variances on class profile--some have larger numbers of international students, some have higher GMAT averages, and some have lower work experience. Other than that, you will also find plenty of variance on cost and length of program.
Regards,
Lisa