To choose which Masters program to attend, should I favor institution or specialization? I am an Electronics &amp; Communication Engineer and I want to pursue a masters degree.  After completing the degree, I would like to work in industry with zero inclination towards a PhD.

I am considering two institutions and two possible specializations (e.g., VLSI vs. Signal Processing). I prefer one institution over the other because of its general reputation, faculty, placements, and lab facilities. I prefer one specialization over the other because of personal preference, prior knowledge in the specialization field, type of possible jobs, and placements in the specialization field.  

Suppose I am offered acceptance into the more-preferred specialization at my less-preferred university, and the less-preferred specialization at my more-preferred university. 

Which option will better position me for my eventual goal, of completing the masters degree and getting a job in industry? Which criteria is more important in choosing a masters program, the institution or the specialization?
If your interest is in "industry," I'd choose a school based on the institution. Most employers look at that as the "headline," and often "gloss over" the actual content of the degree.

If your interest was in research, I'd go the other way and emphasize "specialization." Because that is what research is basically about.