The peer who changed India Inc's governance debate

No Indian-origin businessman in the United Kingdom (UK) became as much a part of the British establishment while remaining deeply engaged in Indian industry as Lord Swraj Paul.

- KUNAL BOSE

He moved to London in 1966 to seek treatment for his daughter Ambika, who was suffering from leukaemia. Ambika survived only a year, leaving him distraught. In his own words, "sanyas was all I could do". But after months of idleness and counselling from family and friends, he returned to work—a decision that led to the creation of Caparo Industries, with a strong presence in the United States (US) and India.

An alumnus of the Massachusetts Institute of Technology (MIT), Paul launched his first venture in the UK with a bank loan of 5,000 pounds (repeat, 5,000 pounds). As Britain's steel and engineering industry declined at the start of the millennium, he had to surrender all UK units to the administrator. Freed of that burden, Caparo turned its focus to India, while also expanding in the US into real estate and hotels. Paul, the richest member of the UK Parliament, had an estimated net worth of over 2 billion pounds.