The donors, Satish and Yasmin Gupta, are both graduates of the Irving university's MBA programme. The new premises, construction work for which will commence in 2015, will house the Satish & Yasmin Gupta College of Business.
"Right now, the College of Business classes and administration is all scattered around. We are hoping this new state of the art building will help bring all of the classes under one umbrella," Satish Gupta said.
Guptas said the university has inspired their lives and they hope that the new college would encourage students.
"Our dream is for the College of Business to become a global meeting ground for diversity and understanding among all cultures. We hope it empowers students to become leaders who go forth into the world and build stronger communities," Yasmin Gupta said.
University of Dallas was the first destination for the couple when they moved from India.
In 1979, Satish and Yasmin were neighbours in India whose families were from different religious traditions. But both had attended Catholic-run schools.
In 1981, Satish Gupta founded SB International Inc., a privately-held global steel company headquartered in Dallas.
Yasmin Gupta is its executive vice president.