What are the chances of becoming a top executive in a renowned company after pursuing an MBA from a tier-1 B-school in India? ?

It's unlikely that you'll get onto the fast track for any CXO position after completing an MBA (irrespective of whether it's from India or abroad). However, what the degree can do is to help you get a foot in the door - and enter the industry, geography and company that you want to work in. Within these variables, the geography will be influenced by the Bschool you graduate from. Follow the link : Tier 1 B schools in India