"I presume this amount has been sanctioned following our request to the HRD (human resource development) ministry for a major grant. It will help us in renovating various old buildings of the institute which need major renovation," said A.K. Majumdar, deputy director of IIT-Kharagpur.

Finance Minister Pranab Mukherjee, while presenting the budget 2011 Monday, announced Rs.200 crore as one-time grant to IIT-Kharagpur.

"This grant will also help us in renovating and upgrading various laboratories and infusing world class modern technologies into them. It will help our students a lot. The grant will also help us in different segments of high end researches," Majumdar told IANS.

"We need modern technology in nano science area. We welcome this grant as this institution will be celebrating its diamond jubilee this year from August 2011-August 2012," he added.