Well 0123456789r did paint quite an accurate though a little harsh picture of your chances at LBS, but then LBS is a very POPULAR school and the competition is actually very high especially from the China and India pool of students, so they tend to be particular about the people who they choose.
But then all is not bad, if you are really dedicated towards LBS here are a few things you can do:
-Diversify your profile: You can easily prove you are an accomplished engineer, but then what else do you have to your name? You mentioned you administer a FB page...show how you developed it and built valuable marketing skills while doing that.....then you mentioned being a fitness freak....well that is great..but how did you take it further.....what skills did you develop....did you win some competition or start some fitness group.....doing these things will go a long way to diversify your profile and make you a stronger contender
-Join a NGO! Colleges love people who volunteer, this is something you can easily do while working and will go a long way to improve your profile.
I can recommend doing an AIESEC internship, which will give you volunteering experience and international experience in one shot.
-While mentioning your work, concentrate on the skills you developed while at it. The teams you led , the projects you excelled at and so on. You said the company has ties with US, so mention how you collaborate with international clients and how that makes you more open minded.
-Also don't worry about not being from an IIT or whatever, it is highly over rated. Colleges just care about your overall profile and what all have your done before, in and after college. A popular college brand will only take you so far.
But your CGPA is a matter of concern, so you have to have a great GMAT score and also explain in your essays why your CGPA is weak, and mention some facts that make up for it.
Lastly LBS is not the only college that is good for the MiM, you have a number of great colleges. Just take a look at the top 10 MiM schools, all of them are excellent and some have more relaxed criterias than that of LBS.
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Hope the answer helped.
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