Which programme should one choose for his post graduation: an M.E. or an M.Sc. (Engg.) in chemical engineering at IISc Bangalore?

ME involves more course work, comparatively less project work; Hence you get an opportunity to taste higher level courses in different fields, under a single degree, and a one year project work, in a particular field. Of course you need to choose some subjects accordingly after your project is decided after first sem. In the other hand Msc needs more rigorous project work from the beginning; Your project is decided at the very first sem, so you do much less course work, only as much necessary / relevant  to your project. Also, entry in ME is through GATE only, so needs better GATE score; Msc entrance is through GATE and interview, so even if you have little less rank, you have chance. Further, ME is 2 year course, where as Msc standard time is 2 and 1/2 year, most of the people take 2.5-3 yr to finish, few complete in 2 years[over all institute case dept specific info will be available from dept folks] . Schol and etc are same. So unless you have developed a very strong feel for a particular research direction, ME might be a good idea to have as a "all in one bucket with one big" kind of offer. Where as if you have strong direction for your research interest Msc will allow to dig deeper in that direction.Choice is yours....