What would happen if FMS and XLRI become IIM Delhi and IIM Jamshedpur respectively?

It seems almost impossible to happen. Although FMS is a reputed institute, it has yet to have the desired campus life. When a student dream of an MBA, a good campus life always remains inside their brain, and FMS does not fulfill that. 

If we talk about XLRI Jamshedpur, there is already an IIM in the state of Jharkhand, IIM Ranchi. It is not possible to have 2 IIMs in one state, plus XLRI has a different brand image. Many people consider this institute better than any IIM, whether the IIMs are ABC, and it is a private institute as well, so the chances are close to impossible for these institutes to become IIMs. And if any, how they become IIMs, so I think FMS won't change much, but XLRI will have to follow government guidelines then.