Is M.Sc (FOSS) worth doing?

Recently while reading an linux magazine I understood that FOSS (Free or open source software) is gaining momentum.. And in my home town there is an reputed university which offers M.Sc online program on FOSS.

The course covers:
INTRODUCTION TO COMPUTING, PHILOSOPHY AND PRACTICE OF FOSS, BASICS OF THE GNU/LINUX OPERATING SYSTEM & FOSS TOOL,
OOPS with Data Structures using C++, HTML, CSS AND JAVASCRIPT, Java Technology, Software Development Practices, RDBMS Basics, Application Development using PHP,Mobile Application Development, Collaborative development with Version Control (also lab sessions included)

So let me know your opinion about FOSS... Is it worth doing a masters on it?

Yes, of course it is a great choice.

There are many strong commercial software companies out there who give priority to hiring programmers who have strong references from free or open source project teams as well as proven, documented contributions.

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If it's a distance education program, then you might want to find out in-depth, the syllabus and material content (especially read a few pages of their study material to gauge the quality, may be from a friend who's already pursuing the course). From what I gather, distance education programs are not as solid as regular go-to-college-and-study programs, if you know what I mean. So you would really have to put in a lot of efforts yourself.

yes its distance education, classes will be held online on weekends. But couldn't find any friends who is already pursuing because this course is first of its kind in India (recently launched).
And regarding the syllabi I have already shared few headings.
May be more details can be found in the university link:
MSc FOSS

Would very much echo that. The curriculum is worthy of academic credentials, ie your visibility among future employers would increase by having this as a university degree as opposed to yet another accreditation. It would be ideal if you would not have to leave paid employment for this.