[mallipeddi]

I don't think they discriminate based on colleges but obviously it'll be harder for you (for instance they probably won't visit your campus for recruitment). You've to work extra hard to make a mark there. Also use innovative ways to get in touch with people at these companies (usually HR might not be able to tell you're a great hacker unless they see certain keywords like IIT in your resume). Go to BarCamps, DevCamps like others suggested. Yahoo! has Open Hack Days (this is a great way to meet some employees). I've a few other suggestions:

1) Start working on interesting opensource projects. Get your code up on GitHub.

2) Try Google Summer of Code (GSoC) - prepare well in advance for this, become friends with the project leads on IRC, ask them for interesting projects to propose, and show initiative.