The flagship PGP course is a one-year course and thus there are no summer internships offered by ISB Hyderabad. And the students pursuing this course have an average work experience of around 5 years and a minimum work experience of around 20 months. So basically there is no need for an internship.
But there is a similar kind of program known as the Experiential Learning Program (ELP). This is a group project and they will select you if you show any interest in the project. These kinds of projects usually comprise around 4-5 people, according to the company's requirements. They make a project according to their interests and if they are selected, then they get the chance to do ELP with that company. You need to work on this project throughout your 8 terms, whenever possible, and also you have to work full time in your term breaks.
The company's manager gives feedback on your project and this remark is also included in your final year mark sheet. This is a very important project and will have a major impact in deciding your final year grade.