Premji was selected for the honour, the degree of doctor of science (honoris causa), for his "extraordinary commitment and contribution to trade and industry, for furthering the cause of values of business ethics and for his philanthropy and far-reaching vision".
During the convocation, 2,006 degrees were awarded to successful students, said IIT-B director Devang Khakhar.
He said 55 students received medals in different categories, with the President of India Medal bagged by Kamath Pritish Uday of computer science and engineering, the Dr. Shankar Dayal Sharma Gold Medal awarded to John Joy of mechanical engineering department and the Institute Gold Medal going to Yashovardhan Sushil Chati of aerospace engineering department.
The prime minister gave away the honours and delivered the golden jubilee convocation address as the chief guest on the occasion.
Union Human Resource Development Minister Kapil Sibal, Maharashtra Governor K. Sankaranarayanan, Chief Minister Prithviraj Chavan, IIT-B Board of Governors' chairman Anil Kakodkar and other dignitaries were also present on the occasion.