New York University’s School of Engineering has received a $100 million dollar donation, and will be renamed NYU Tandon School of Engineering to pay tribute to the benefactors, Chandrika and Ranjan Tandon. The school, which has roughly 5,000 students, will use the donation to add faculty and upgrade facilities.

“This generous gift from the Tandons will allow us to increase our projected trajectory by adding respected and promising faculty in fields in which we have earned international reputations as well as ones that are redefining engineering,” said Sayar Lonial, Senior Director of Marketing and Communications doe the NYU Tandon School of Engineering. “Hand-in-hand with these faculty hires comes a need to provide our researchers with cutting-edge laboratories. Although the gift is so new that we have not finalized specific plans, we can certainly say that the students are also foremost in our minds.”

The University has also agreed to a challenge from the Tandons to raise another $50 million to go toward scholarship aid, which Lonial describes as “perfectly aligned with our historic commitment to provide high-quality education to students from diverse economic backgrounds.” Engineering was only recently brought back to NYU in 2014, after a 40-year absence, through a merger between NYU and Polytechnic University.

In a statement released by NYU, Chandrika Tandon said, “We feel privileged to be able to participate in the transformation that is happening at NYU and at the School of Engineering… Ranjan and I are great believers in STEM education, in the applied sciences, and in the analytic and creative disciplines that such an education develops… Our hope is that this gift will bring many more of us together to reinvent engineering, advance New York’s efforts to become a science and tech capital, and foster the talents of young innovators, applied scientists, and entrepreneurs.”

Tandon is a member of the Board of Overseers of NYU’s business school, a member of the NYU Board of Trustees, and a leader of the NYU President’s Global Council. She is also chair of Tandon Capital Associates, a financial advisory firm, and a Grammy-nominated musician. Her husband, Ranjan, is an engineer by training as well as founder and chair of hedge fund, Libra Advisors.