Job rejection letter...plz help

hello I need to write a job rejection letter to a company who recruited me from the campus placement.In this letter, I want to recommend a friend for the same position. I have prepared an initial draft. Kindly correct my mistakes if any.

Dear Sir,

First of all, thank you for your job offer at your company through campus placements.  It was a great honor to receive this offer from such a successful and progressive company.  I must tell you it was an extremely difficult decision but after long and careful consideration I regret I must turn down your very generous offer. This is because I have recently accepted admission at IIM Indore. 
To save your further time in recruiting another person, I want to recommend Mr. Anshul Jain for the same position. I have attached his resume along with this mail for your consideration. I hope he stand up to your expectations for the job.

Thank you again for your offer. I was very proud to receive it.

Yours Sincerely

Amit Agarwal