Hi arun219,
Many Business Schools now accept the GMAT or the GRE as part of the application. If you'd like to know if a School/Program accepts the GRE (or the average GRE score or GRE score range for the School), then you should visit the School's website or contact the School directly.
While the two exams have many aspects in common, there are enough differences that your studies would have to significantly change to study for one Test instead of the other.
I assume that you're asking because you're considering your options.
1) When are you planning to apply to Business School?
2) Do you know which Schools you're planning to apply to?
GMAT assassins aren't born, they're made,
Rich