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Hi
I would actually recommend that you go through the article on Expat Arrivals - Education and Schools in Mumbai. It may help you initiate your search for a good school, if nothing else! :)
Yes the American School is very expensive, but there are other options available in Mumbai. Most private schools in Mumbai offer the IB program for grades 11 and 12. Upto grade 10 they follow the IGCSE / CBSE / ICSE curriculum, which is well accepted globally. As the article explains, private schools teach a similiar and equally challenging curriculum at a more economical cost than the international schools in Mumbai. The added advantage (if you see it like that) is that your daughters will have a chance to interact with more Indian students and therefore help them acclimatise to India and their new environment. Where you live in Mumbai would be a major factor in selecting a school, so do take to and fro travel time into consideration.
You can check out some of the prominent private schools listed here for more information on courses
Podar International School
http://www.podarinternationalschool.com/index.html
Ecole Modiale World School
http://www.ecolemondiale.org/index.aspx
Jamnabai Narsee School
http://www.jns.ac.in/
Aditya Birla World School
http://www.adityabirlaworldacademy.com/index.htm
These are international schools in the sense that they offer an internationally recognised curriculum but they are not as expensive as the "international" schools which mostly cater only to expats. Fee structures are generally not available online so you would need to contact the schools directly to get more information
Hope this helps.