The score valids till five year.GMAT is accepted in more than 90 colleges in India.
Some of the Institute that i know which accept the GMAT score is :
S.P. Jain Institute of Management and Research, Mumbai
ISB, Hyderabad campus & Mohali campus
Great Lakes Institute of Management, Chennai
IIFT, Delhi & Kolkata
ICFAI Business School, Hyderabad & Mumbai
IMT, Ghaziabad, Hyderabad, Nagpur & Dubai