NITIE was not established to compete with the IIMs. It was established with the aim of making Engineers into good managers who have decent technical and managerial skills required across industries.
But, since the PGDIM & PGDISEM programs of NITIE admit students through CAT, people do compare the college with IIMs. Still, in case you want to know where NITIE stands among reputed B-Schools of India, I will say it falls in cluster - 2.
Here are the various clusters of Indian B-Schools.
Despite being in a different cluster, the course structure, rigor, placements, industrial exposure, and batch quality of NITIE are on par with the old IIMs. NITIE also has a locational advantage. The alumni base of NITIE is huge and they regularly visit the campus for guest lectures, seminars, and placements.
So, IIMs and NITIE are different types of B-Schools and it’s not possible to give a conclusive comparison between them.