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Disagree partly, Bangalore offices are dominant in a few areas only - VC/TMT/e-commerce clientele. PE is still a Mumbai game mostly. Delhi for disputes, regulatory, policy etc.
Litigation/Disputes - Delhi

Anything Corporate/Finance - Mumbai
Would the location make any difference in the long run whilst working in a T1’s M&A practice?
Mumbai. The biggest deals are still being handled by partners from Mumbai only.

Delhi would be better for more of general corporate advisory work and litigation.
Topic self-explanatory. Have observed a lot of transactions are still being undertaken by partners based out of Mumbai offices of the top tier law firms.