Who was Swraj Paul? Pioneering NRI industrialist who left a global mark

The founder of the UK-based Caparo Group of industries, Swraj Paul served as a member of the House of Lords and actively advocated for strengthening Indo-British relations

Swraj Paul, UK-based Indian-origin entrepreneur, philanthropist, and member of the House of Lords, passed away on Thursday evening in London at the age of 94. Paul had been taken ill and was hospitalised recently, where he passed away surrounded by members of his family.

 

Early life and rise in industry

 

Paul was born on February 18, 1931, in Jalandhar, Punjab, India. He later moved to the US to study mechanical engineering, earning a Bachelor of Science (BSc) and Master of Science (MSc) degrees from the Massachusetts Institute of Technology.

 

Paul moved to the United Kingdom in 1966. Two years later, in 1968, he founded the Caparo Group, a UK-based industrial company that grew to employ 7,000 people with operations spanning Europe, Asia, and North America. Paul founded the group with a GBP 5,000 bank loan, and the business expanded to generate revenues exceeding GBP 500 million. Over time, he became one of Britain’s wealthiest Asians, with a fortune surpassing GBP 1 billion. His entrepreneurial acumen transformed the company into a global industrial powerhouse.

 

Caparo's rise and downturn

 

Caparo's success and Lord Paul’s wealth were largely driven by the rapid growth of the Indian and Chinese economies and their strong demand for raw materials. Caparo’s initial foray into India came in 1994, when it established a joint venture with Maruti, then the country’s largest car manufacturer. However, the company was severely affected by the recession, experiencing poor performance in 2008 and 2009, with losses, mounting debt, and concerns from its lenders.

 

In October 2015, Caparo Group faced significant financial difficulties, leading to the administration of 16 of its 20 UK-based companies. This collapse was attributed to various factors, including market downturns and operational challenges. Tragically, shortly after the company’s financial troubles, Angad Paul, the CEO and Paul’s son, passed away in November 2015. The group has since been restructured, with its US and Indian operations now functioning independently.

 

Peerage and public service

 

In recognition of his contributions, he was raised to the Peerage as Baron Paul of Marylebone in August 1996 and, in July 2009, was appointed as a member of the Queen’s Privy Council. Lord Paul was an influential member of the London Development Agency from 2000 to 2008. Between 2005 and 2008, he chaired the LDA Olympics Delivery Committee, overseeing the timely and on-budget delivery of land and infrastructure for the London 2012 Olympic Games. He also served on the board of London 2012 and was a member of the British Olympic Association Advisory Board.

 

As a member of the House of Lords, Paul actively participated in numerous committees, advocating for entrepreneurship, trade, and education. He earned recognition for his work in strengthening Indo-British relations and championing charitable causes, especially in the fields of education and health.

 

Swraj Paul's academic honours

 

Paul held distinguished academic roles, serving as chancellor of the University of Wolverhampton since 1999 and as chancellor of the University of Westminster from 2006 to 2014. He held 15 honorary degrees recognising his exceptional contributions to business, the economy, and social and charitable causes.

 

Paul was appointed to Panel 2000, a role aimed at rebranding Britain, and he served on the Industrial Development Advisory Board, appointed by the Department of Trade and Industry in 1999. Between 1997 and 2005, he acted as an ambassador for British business, representing UK trade and investment on 75 occasions across 30 countries.

 

Awarded Padma Bhushan in 1983

 

His achievements were recognised both nationally and internationally. The Government of India awarded him the Padma Bhushan in 1983, and in 1998, he was granted the Freedom of the City of London.