She has also been appointed as an Ambassador of the University for a three-year term.
Mazumdar-Shaw is the first Indian to be named Ambassador by the University, FedUni, which appoints eminent people from different walks of life, including business leaders, as Ambassador to contribute to the institution's development, said.
"The University is so honoured to welcome Kiran Mazumdar-Shaw back to the university she studied at all those years ago," Professor David Battersby, Vice-Chancellor, Federation University Australia, said, according to a University release.
Mazumdar-Shaw said, "....I have many happy memories of my time here and acknowledge the significant role the University played in my education and development."
She graduated from the Ballarat College of Advanced Education (one of FedUni's predecessor institutions) in 1975 as a Master Brewer in Malting and Brewing. She also received an honorary Doctorate of Science from the University in 2004 in recognition of her pre-eminent contribution to the field of biotechnology.