I have found where a number of people have asked this question. Responses from India generally consider the two equivalent. Some examples:
"MMS degrees are the same as MBA degree, the only thing is that Mumbai University gives MMS degrees instead of an MBA."
"basially they both mean the same just that MBA is considered as MMS under Mumbai University."
In the United States the Fuqua School of Business at Duke also offers an MMS degree. They say
"The Master of Management Studies (MMS) in Foundations of Business is a pre-experience master's degree providing basic entry-level business skills. It is not intended as a substitute for an MBA degree. The program focuses on technical skills and subject matter knowledge associated with entry-level positions in finance, marketing, consulting, and general management, as well as other early-stage professional positions."