Citigroup's retired senior vice chairman Victor Menezes on Wednesday donated $1.5 million to the Indian Institute of Technology, Bombay, for building a world-class convention centre.

Menezes, who graduated from IIT, Bombay, in 1970, has pledged a total $3 million to the institute.

"IIT gave me priceless education – and this is a small way to say thank you," said Menezes, who has been a long-time and consistent supporter of IIT, Bombay, and is co-chairman of Heritage Fund, the institute's alumni fund.

The centre is among several major projects that the institute has planned to mark its golden jubilee celebrations in 2007-08.

The proposed facility will provide the needed space for meetings, conferences and other events that will continue to attract the best students, faculty, and researchers.

It is also expected to act as a stimulus to increase R&D initiatives and enhance collaboration with the industry, thereby helping Mumbai and India build and maintain a position of global leadership in science and technology.

'It gives me great pleasure to accept Victor's gift. His donation will go a long way in addressing one of our key objectives. Victor is setting a wonderful example,' IIT, Bombay's Director Ashok Misra said.