Social networking site Facebook has offered a package of Rs 38 lakh (USD 85,000) for IIT Madras students during the ongoing placement season, a top official of the institute said.

Companies selecting prospective candidates from the country's premier educational institute IIT Madras began on December 1.

However, Facebook leads the chart with a package of Rs 38 lakh, IIT Madras Advisor (Training and Placement) N Ramesh Babu said.

"Every year, the selection process commences in December and this time too it began on December 1," he said.

Every year students eagerly await to participate in the campus selection and this year too more than 260 companies have registered so far, he said, adding, "But we expect it to cross 300 companies."

Asked on the selection processes, he said the final round of interview would be done later.

"For example, Facebook after conducting all the rounds, will conduct another interview via Skype from the US and when a student gets selected he/she will be offered USD 85,000 package," Babu explained.

He said around 1000 students from various streams including B Tech, MTech, MS, Doctoral programmes, MBA, have registered for placements this year and so far around 30 students have received offers from various multi-national companies including Goldman Sachs, IBM and Boston Consulting Group.

Last year the highest package was offered by Tower Research Capital at Rs 28 lakh per annum and about 225 companies had visited the institute for selecting 700 candidates.

This time, while the leading package was offered by Facebook, an oil company has offered to pay a package of Rs 28 lakh, he added.