Some of my friends studying at IIM Indore mentioned that yes, IPM has a foreign student exchange program. The students usually go in their 3rd or 5th year. They get to study one whole trimester (3 months). They will get an opportunity to study in the universities IIM Indore has collaborated with.
Some of the Universities IIM Indore has collaborated with includes the following:
The student exchange program is really important as it will provide both international exposure and perspective. This program gives an enriching academic experience.