Wolverhampton University chancellor and steel magnate Lord Paul dies, aged 94

Lord Paul, ranked the 81st richest man in Britain, had held the position of university chancellor since 1999, when he succeeded the Earl of Shrewsbury and Talbot.

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University leaders paid tribute to Lord Paul's philanthropy and commitment to education.

Vice-chancellor Professor Ebrahim Adia said: "Lord Paul has left a profound and lasting impact on the university, always supporting and encouraging us to be ambitious and value-driven.

"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. He was a person of great humility, generosity and integrity, and he will be dearly missed”.

Angela Spence, chairman of the university's board of governors, added: Lord Paul was an inspirational and generous chancellor and a wonderful human being.  

"He was an inspiration to so many people and his passion for education was always evident. The University of Wolverhampton is a greater institution because of our long-standing association with Lord Paul.  His contribution has been immense and his legacy enduring. We will all miss him". 

The Indian-born tycoon moved to Britain in 1966 to receive leukaemia treatment for his daughter, Ambika. 

Following Ambika's death, at the age of four, he set up the Ambika Paul Foundation as a charitable trust that went on to donate millions to promote the wellbeing of children and young people all over the world through education and health initiatives.

Educated at Punjab University and the Massachusetts Institute of Technology in the USA, he founded the Caparo Group in 1968, which became a global steel and engineering giant.

He was appointed a Labour life peer in August, 1996 as Baron Paul of Marylebone. Since 2010 he has sat as a cross-bencher, and continued to be an active member of the House of Lords until his recent illness. He was treated  in hospital where he died on Thursday surrounded by members of his family.

In 2010 the university's student union building was renamed The Ambika Paul Student Union Centre in memory of his daughter, who died aged four, following his donation towards its refurbishment.

In 2015 he gave, through his family foundation, £1 million, the largest single donation in the university's history.

In November that year, the university opened its Lord Swraj Paul Building in Molineux Street, serving as the headquarter of its business school. 

Last year, in his capacity as the Chancellor of Wolverhampton University, Lord Paul awarded an honorary doctorate to his son Akash for services to business administration.

"Perhaps, I am the only graduate to get a degree from his own father, independently approved by the university board, of course, I may add," Akash said at the time.

"My son has worked alongside me at Caparo since 1982," said Lord Paul.

"Akash was appointed CEO of Caparo Group in 1992. During this time, he furthered Caparo's growth strategy in UK, Europe, USA and India, as well as expanding capacity and increasing profitability of the companies in the United Kingdom and was president, Caparo Automotive Espana, Spain and Executive Board, Bull Moose Tube, USA."

Indian prime minister Narendra Modi expressed his sorrow over the Lord Paul's death, praising his contributions to industry and public service in the UK. 

"His contributions to industry, philanthropy and public service in the UK, and his unwavering support for closer ties with India will always be remembered.,"said Mr Modi.

"I fondly recall our many interactions. Condolences to his family and admirers.."

Lord Paul was  a member of the London Development Agency from 2000-2008 and from 2005-2008 chaired the LDA Olympics delivery committee which was responsible for delivering the land and infrastructure for the London 2012 Olympic Games on time and on budget. He was also on the board of London 2012 and a member of the British Olympic Association advisory board.

In July 2009 he was appointed as a member of the Privy Council by the Queen, with his full title becoming The Rt Hon Lord Paul of Marylebone.