Chennai, Jan 17 (IANS): The Indian Institute of Technology Madras (IIT-M) on Friday said one of its alumni Krishna Chivukula will be donating Rs 5 crore for renovation of campus hostels and other maintenance facilities.

In a statement issued here, the IIT-M said that Chivukula, owner and Chairman of Board of Directors of Indo-US MIM TEC Private Ltd. an initial sum of Rs 2.5 crore was handed over to the IIT-M officials on January 8, 2010 for renovation of Cauvery Hostel built in 1961.

According to the IIT-M, this one time contribution will help elevate the hostels to world-class standards for the benefit of several generations of future students.

Two more hostels will be identified by the Institute for renovation.

"IIT-Madras gave me world-class education at literally 'zero cost'. This led me to being admitted to the Harvard Business School, which in turn led to me being successful in the life. I am delighted to be able to give back to the Institution that was the root cause of my success. I sincerely urge my fellow IITians to experience the same joy that I experience," Chivukula was quoted as saying in the statement.