You can use to book London tickets. Virgin Atlantic needs 20k MR points(40k MR points in peak season) + ~100 pounds and availability is quiet decent. If planned well you can get more than 5 award tickets.
So, for 20k MR points, it gives more than Rs.1 value per MR.
The other option is qatar/BA. And currently they are running 30% transfer offer. So, if you are transfer 10k points you will get 13k points.
If you do research properly, you can easily find better value of this MR.