I heard that there is no value of UK mba degree value in india and company don't hire students with UK degree.Is it correct guys?

No, that lacks the nuance needed for truth.
- Top UK MBAs are of equal or higher standard to the top Indian schools. These students take longer to place in the Indian market, because of the lack of local placement support, but the students get good outcomes. Use this approach to compare: How to use LinkedIn to find the best school www.find-mba.com/board/33571
- Many Indian students take unaccredited MBAs in the UK, which do not require work experience. Those are lower quality than master of science progranmes at accredited business schools. Those students get weak outcomes. See:-
Which MSc's are better than pre-experience 'Freshers' MBAs? www.find-mba.com/board/22783
Why freshers' MBAs are worse than MiM degrees from better schools http://www.find-mba.com/board/38133
Why international accreditation matters http://www.find-mba.com/board/41224

If you want to work in India, study in India.

Duncan's right, as always: if you want to work in India, you should study in India. But be very critical about the MBA/PGP program you do in India, because they're not all created equal. Look for the ones accredited internationally. A school like IIMA, IIMB, ISB - these schools are great ways to improve your career long-term in the country.

However, if you have the opportunity to do you MBA from a top UK school like LSB, and potentially get a few years of international experience after you graduate, this can also add huge value to your long-term career potential. Do the Linkedin research, and check with the employers you'd eventually want to look for to see what kind of value they place on international experience.