Mumbai/Kolkata: British-Indian industrialist Swraj Paul passed away on Thursday evening in a London hospital at the age of 94. The founder of Caparo Group had been unwell, leading to his recent hospitalisation. Consistently featured in the ‘Sunday Times Rich List’, Swraj was ranked 81st this year, with an estimated fortune of £2 billion. His group, which has a play in steel and engineering products, has been managed by his son Akash Paul. During the early 1980s, he shook India’s business scene by launching hostile bids to acquire Escorts and DCM. Such attempts were uncommon at the time. These companies had low promoter holdings. However, Swraj faced pushback as the promoters united with financial institutions like LIC and UTI to defend their control. The govt, then headed by Prime Minister Indira Gandhi, also altered rules concerning non-resident Indian investments in the country. In the end, Swraj retracted his attempts.

Born on Feb 18, 1931, in Jalandhar, he was the youngest among four siblings and grew up in modest surroundings. Their father, Pyare Lal, ran a small steel enterprise that became highly profitable during World War II, employing 100 workers. After Pyare Lal’s death, the four brothers worked to expand the business and established its headquarters in Kolkata in 1951. The Jalandhar steel operation eventually developed into the Apeejay Group, led by Swraj’s elder brother, Satya Paul.Swraj graduated in science from Punjab University before moving to the US to study at the Massachusetts Institute of Technology. In 1966, he moved to the UK in search of medical treatment for his four-year-old daughter Ambika, who was suffering from cancer. Sadly, she succumbed to the illness. The incident altered his life, prompting him to establish the Ambika Paul Foundation in her memory, which continues to aid children’s health and education. Two years later, in 1968, he established the Caparo Group in London, which now operates in forty countries including the US, Canada and India with a turnover surpassing £1 billion.While he found success in his business ventures, he also endured significant tragedies. In 2015, he lost his son Angad Paul, and seven years later, he experienced the loss of his wife. Swraj enjoyed a strong relationship with Bengal CM Mamata Banerjee. She wrote on X: “He was a business tycoon, a formidable industrialist, a philanthropist, and an icon of global Indian diaspora with deep Kolkata connections. I knew him well and received his affection. We had interacted on joint efforts to develop Bengal.”