'Inspirational' British business magnate dies - as Indian PM pays tribute

Leading British industrialist Lord Paul has died aged 94.

The Indian-born founder of the UK-based steel and engineering Caparo group had been in hospital in recent days following a period of illness, Indian media reported. He died in London surrounded by members of his family.

India's Prime Minister Narendra Modi was among those who paid tribute on Friday on the X social media platform, where he shared a photo of himself sitting down with Lord Paul. Mr Modi highlighted the businessman's contribution to industry and public service, as well as efforts to strengthen relations between India and the UK.

"His unwavering support for closer ties with India will always be remembered. I fondly recall our many interactions," Mr Modi wrote.

Among other achievements, Lord Paul helped co-chair the India-UK Round Table group from 2000 to 2005, and was for years a fixture on The Sunday Times' Rich List - he was ranked 81st in this year's list with an estimated wealth of about £2bn. The Indian leader said he was "deeply saddened" by the death of the business mogul, known for his daring attempts in the 1980s to mount a series of corporate takeovers, according to Indian media.

Born in Jalandhar, India in 1931, Lord Paul was educated at Punjab University and studied mechanical engineering in the US at the Massachusetts Institute of Technology. He reportedly relocated his family to the UK in 1966 to obtain medical treatment for his youngest daughter, who had leukaemia.

In 1968, he founded Caparo Group, which has operations in Europe, Asia and North America. In 1996, he was made a life peer as Baron Paul of Marylebone, and in 2009 he was appointed as a member of the Privy Council.

He had also been the chancellor of the University of Wolverhampton since 1999. The university released a statement on Friday describing him as an "inspirational and generous chancellor" who was passionate about education.

"Lord Paul was deeply committed to the university and a passionate supporter of our social mobility objectives and our aim of creating opportunity for all," said vice chancellor Ebrahim Adia. "He was a person of great humility, generosity and integrity, and he will be dearly missed." Angela Spence, the university's chair of the board of governors, said "his contribution has been immense and his legacy enduring"..