Is a 1 year Full Time MBA from IIM worth for someone who is already in a Decent company and role

Owing to the fact that my friend has an offer from IIM Kozhikode PGP BL programme but given by 6yrs of work he is skeptical whether to go with the programme or not. Given the fact that he almost makes 60 -70% salary of what he would be drawing post the programme (Median CTC) and the fees is close to 30L for 1 year. Is the IIM tag so overhyped or is it worth taking the risk and where he might end up spending the crucial part of his life in Bigger EMIs?