While I cannot speak for India, I can say that I have seen different people succeed at getting their PhD's while maintaining some connections to their employers. However, at best, I suggest these are individual cases and examples. One cannot generalize.
These are some of the factors:
How much does your company like you? (How far will they go to avoid losing you?)
How successful is your company? (Do they have sufficient profitability to help you?)
How flexible is your management? (Can they bend the rules for you? Are they fearful of similar requests?)
Do you have a local university that is willing to accept you? (That usually means, the university, the department, and a professor.)
What obligations does the university have in this? (Are you simply a paying student, are they paying you and how much, or do they have money or an agreement with your company?)
Sometimes, a university and a company agree to allow aspects of current research to apply to a thesis. Is this possible? (Probably the least likely scenario, but not unknown.)
Does your company and the university believe you have the tenacity to do it? (The most general scenario is going to be like working two full time jobs, each of which is challenging on its own. Some companies have given sabbatical leaves of months or a year or more at reduced salary. That can make it easier, but only of limited duration. The more common is tuition reimbursement.)
What is the manpower situation in your company? (Can they afford a reduction in productivity from you?)
I think the most practical examples is taking courses while working, and getting a tuition reimbursement. You may be able to do some research in a part-time manner also. Then, a full time grad student stint of months or years.
If any grad students are reading this, I am sure they are thinking, "Why don't you just quit and go to grad school, it will be a lot easier?" Et tu?