NRI Industrialist Swraj Paul Eyes UK, India Acquisitions

London-based entrepreneur Lord Swraj Paul has revealed acquisition plans in the United Kingdom (UK) and India in the coming months, once the “very dark times” of the Omicron variant related Covid-19 surge abates.

The 90-year-old founder of Caparo Group said this week that his team had identified a few potential acquisitions, which will be finalised after site visits are made possible as Covid-hit travel eases up.

The focus will be on the company's strengths in the manufacturing sector, with businesses in the field of steel products under consideration.

“In India, we have a presence in 20 states already, so the new acquisition will be wherever we find a steel friendly scenario,” Mr Paul said.

“In the UK, we are looking at new businesses related to the manufacture of industrial goods. Our expertise is in the field of steel products for cars, planes, railways, and my motto has always been to do what you know best,” he informed.

Asked about the time frame for these new buys, the House of Lords peer and billionaire businessman added, "These are very dark times. We have had to close offices again amid the latest surge in Covid cases. So, it is about wait and watch, but not watch indefinitely.”

Mr Paul, among the richest men in the UK's annual "Sunday Times Rich List" with an estimated fortune of GBP 2 billion, founded his first business in Huntingdon, England, in 1968.

After a steel industry crisis around six years ago, Caparo Group's operations in the West Midlands were sold off after going into administration. The bulk of his company's operations are now in the US, India, Canada and the United Arab Emirates.

For the New Year, he has set his sights on the UK once again and is ideally on the lookout for a manufacturing business within 150 miles of London.