The difference is between schools, not degrees. Take a look at the article on placement for international students, linked on my profile page.

@Duncan: So what I understand is that it would be wiser to choose any stream which I might even remotely like, at a higher ranked University than choosing a course of choice at some relatively lower ranked university.
Is my understanding correct?

If your priority is placement, yes.

MBAs in Europe, at least most, are usually general degrees - that is, they don't have specific functional or industry focus "streams". the MSc programs tend to be more focused.

An MBA will usually lead to the best career growth and better salaries than MSc programs, because they're designed for students who already have work experience. The MScs are usually aimed at early career "freshers" who will generally graduate into lower paying jobs. I'm speaking fairly generally here.

If you want to work in another country, use the FT MBA rankings and order by "international mobility." That will give you an idea about how many international students were able to end up working in another country after graduation. Since you're looking at European countries, you also should consider the languages you speak: if you don't speak French or German for instance, you'll be handicapped in the workplace in Switzerland after doing your MBA at IMD, for instance.

Thanks NiceLife... Well said.
Could you please tell me that, in case, I am interested in HR, will it be a good plan to do an MSc in HR and follow it up with an MBA
OR
only an MBA will suffice given the worst case that I might have to return to India and work there, and in that case a specialised HR degree is must to work as an HR. So which option is better?
If I plan to pursue both the degrees provided budget is a constraint, then which one should be done from a really good school? MBA or MSc in HR?
I am asking this because 2 degrees cannot be pursued from very good universities due to budget constraint, so one needs to be a tight budget one and for the other one I am ready to shell out a good chunk.
So please advise.

I think it's very hard to hedge your bets. Either you take an MSc in HR, or you take an MBA. To get an MBA with a deep enough focus on HR issues would you have to take a two year MBA, and that would be as costly as separate MBA and MSc degrees.

The only option I can think of is the EHRM programme: http://www.ehrm.de/ This is an immersive specialisation semester open to MBAs at EM Lyon and Vlerick. It's a well known programme that has run for around 20 years, and which ESADE and Cranfield also used to take part in.