Never mind Vivek. I followed Thomas s comment and could add UI5 to HANA Studio.
here are the steps I followed:
Use File->Import. Choose Delivery Unit from SAP HANA Content. Choose your System. Chose the Server radio button under Select File. In the File, Dropdown List Box, choose the SAPUI5_1.tgz delivery Unit. Press finish to import (this will take a few minutes as this is pretty large delivery unit). This will add SAPUI5 to your HANA Server.
Thanks for your time Vivek.
Best Regards,