NRI industrialist Lord Swraj Paul passes away in London
London (PTI): Leading NRI industrialist Lord Swraj Paul passed away in London on Thursday evening, family sources said. He was 94.
Lord Paul, founder of UK-based Caparo Group of industries, had been taken ill and hospitalised recently, where he passed away surrounded by members of his family.
The House of Lords peer was born in Jalandhar and relocated to the UK in the 1960s in pursuit of treatment for his little daughter Ambika’s cancer.
After she passed away aged four years old, 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.
“The London Zoo is where she was always the happiest,” recalled Lord Paul last month, during the annual commemoration he hosted at the Ambika Paul Children’s Zoo in London – one of the major beneficiaries of the foundation.
After he lost his son Angad Paul in 2015 and his wife Aruna in 2022, he went on to undertake similar philanthropic endeavours in their memory.
“This hall is a tribute to my wonderful wife whom I miss very much; we never had an argument during our 65 years of marriage,” said Lord Paul, when he inaugurated the Lady Aruna Swraj Paul Hall at the historic Indian Gymkhana Club in London in February 2023.
A regular in the annual ‘Sunday Times Rich List’, this year he was ranked 81st with an estimated wealth of GBP 2 billion, largely derived from the steel and engineering multinational Caparo Group.
Headquartered in London, Caparo operates internationally from over 40 sites, with operations based in the UK, North America, India, and the Middle East. His son, Akash Paul, is Chairman of Caparo India and Director of the Caparo Group.
Last year, in his capacity as the Chancellor of the University of Wolverhampton, Lord Paul awarded an honorary doctorate to Akash Paul 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,” said Akash Paul, who was accompanied by wife Nisha and son Arush at the ceremony held at the London Zoo.
“My son has worked alongside me at Caparo since 1982. 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,” said Lord Paul, who had served as Chancellor of Wolverhampton University for over 26 years.
An active member of the Indian diaspora in the UK, Swraj Paul maintained his daily routine of attending the House of Lords despite his frailty in recent months.
"We pray for the departed soul. May the noble Lord rest in peace," said Lord Rami Ranger, his colleague in the Upper House of Parliament.
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Ambani, Adani pledge USD 210 bn for India's AI push
New Delhi (PTI): Conglomerates run by billionaires Mukesh Ambani and Gautam Adani committed USD 210 billion investment to creating infrastructure that will help India emerge as an AI development hub.
At the India AI Impact Summit, Ambani announced a Rs 10 lakh crore (about USD 110 billion) investment in artificial intelligence over the next seven years in gigawatt-scale AI-ready data centres in Jamnagar, leveraging up to 10 GW of green power surplus, and a nationwide edge-compute layer integrated with telecom and digital operator Jio's networks to deliver low-latency AI across India.
"Our resolve is clear: make intelligence as ubiquitous as connectivity," he said. "When compute becomes infrastructure, innovation will become inevitable."
Adani, on the other hand, unveiled a USD 100-billion investment to develop renewable-energy-powered, hyperscale AI-ready data centres by 2035 -- one of the world's largest integrated energy-compute commitments.
The initiative is expected to catalyse an additional USD 150 billion across server manufacturing, cloud platforms, and supporting industries, creating a projected USD 250 billion AI infrastructure ecosystem in India.
India must architect its own artificial intelligence (AI) infrastructure rather than rely on imports, Adani Group executive director Jeet Adani said on Thursday, warning that AI will redefine national sovereignty.
Other major investments announced at the Summit included USD 50 billion commitment by Microsoft by the end of the decade to expand artificial intelligence access across the Global South. "India, not surprisingly, is one of the largest," its vice chair and president, Brad Smith, said.
The firm had unveiled USD 17.5 billion investment in AI investments in India last year.
Google CEO Sundar Pichai announced a new subsea cable initiative to boost AI connectivity between India, the US and other locations, alongside partnerships for cloud infrastructure platform support to over 20 million public servants across 800 districts.
Yotta Data Services, backed by a real estate group headed by Niranjan Hiranandani, announced over USD 2 billion spend on Nvidia's latest chips in an artificial intelligence computing hub it is setting up just outside the national capital.
While Tata Consultancy Services (TCS) signed up ChatGPT parent OpenAI as its first customer for its data centre unit under the global AI infrastructure initiative Stargate, infrastructure major Larsen & Toubro announced a proposed venture with Nvidia to build AI-ready data centre infrastructure, advanced computing platforms, and ecosystem enablement required to support large-scale AI workloads.
