Lord Paul's daughter Anjli received the award at the Black Country Asian Business Association's annual awards dinner last night at Wednesbury in West Midlands as he was on a business trip to the US.
In his acceptance speech read out by Anjli, Lord Paul, founder Chairman of the Caparo Group, recalled his ties to the Black Country when Caparo first began operations in the West Midlands under the banner of a small company called L K Industrial.
He noted that since 1999 he has had the honour of being Chancellor of the University of Wolverhampton which last year celebrated 21 years of University status.
"The University began life 190 years ago as the Wolverhampton Mechanics' Institute and laid the foundations of the University's mission and values today - which is to provide the opportunity for quality education to all who want to study with us."
He was awarded the Padma Bhushan by the Government of India in 1983.
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