Doing regular B.Tech from a private university with continuation in MNC job

I must appreciate your efforts for your continuation of higher studies in Engineering leading to a degree of B.Tech ultimately. It does not matter even if the same is pursed from the private university.
However there are certain points to be seen while going through such situations and the first one is its affiliation through University Grant Commission so that your degree is recognised for going ahead to post graduation degree in Engineering through the route of GATE or otherwise and the second component is its acceptance from the employer side by virtue of approval through UGC. Moreover ensure that your ongoing degree is approved by AICTE as well so that you should not suffer at any point.
You must be devoted to your current studies so that your average aggregate of all the semesters should be above 75 percent or 8.5 CGPA scales so that you could be eligible for applying for both government undertaking or the private sectors. Irrespective of the stream being pursued by you such Mechanical, Electrical, Chemical, Computer Science, IT or so on, you need to secure impressive marks consistently so as to attract the Board of Interview.
Now coming to the second point relating to your experience, it will provide you added advantage of your accumulation of five years of experience.
Your B. Tech qualification apart from your experience in the similar line would certainly enhance your edge in the eyes of employers. Your work experience would make you comfortable during the process of interview where you could satisfy the members on the board for any ticklish questions they ask you. In that way, it would boost your confidence level.

After acquiring your degree you will have many options of applying especially in the private enterprises. In government departments there are some age eligibility criteria due to which you may not be able to apply everywhere but there are some exceptions in government service also where experience is given preference for some specialised posts and you can definitely try to apply for them.
Nowadays many professionals acquire additional educational qualification during the job itself because there are facilities of late evening colleges or correspondence colleges or regular colleges which adjust the learning hours with the working hours of the individual. So there is nothing unusual in getting or acquiring degrees in that fashion. It is very common in present day environment.
Please note that having some degrees and qualification does not necessarily entitle a person for a job because in the job interview, especially in the private organisations, the experience and skill of a person is given much more preference then his educational qualifications. Today we are living in a business world where efficiency of skills is the thing that is being sought by the management everywhere.
For example a person having a very good knowledge of coding may not have very high degrees but would be sought after by many organisations for the coding jobs.
Whatever degrees you acquire they will help you to overcome the eligibility criteria for the positions in the industry but please remember that whatever you learn and get experience by working in any organisation is the real thing that you have gathered while applying for a position elsewhere. At the end of the day management always looks for people who can perform and do the desired tasks for meeting the overall objectives of a company.