London, Nov 9 (IANS) Angad Paul, son of Swraj Paul — an India-born Britain-based business magnate and philanthropist — died after falling from his eighth-storeyed penthouse home here, a media report said on Monday.
Angad fell eight storeys on Sunday night, landing on the roof of another building below. Paramedics pronounced the 45-year-old dead at the scene in central London, Mirror Online reported.
Police on Sunday night said there were no suspicious circumstances and they were investigating the incident.
Angad was the CEO of Caparo Industries steel firm situated on Baker Street in London.
Caparo Industries is reported to be on the brink of going into administration as a fallout of the UK steel crisis.
Caparo reported an annual operating loss of 700,000 pounds for 2014 as compared with the previous year’s profit of 3.1 million pounds.
Its UK operations posted much higher losses at 2.5 million pounds, compared with the 1.7 million pounds profit made the year before.
Its interests include manufacture of car components and steel pipes, hotels and hospitality.
Several other projects include manufacture of superfast cars, films and design.
Britain’s steel industry has fallen into a deep crisis due to cheap Chinese imports, higher energy costs and the current strength of the pound sterling.
Losses at UK’s largest steelmaker, Tata Steel, have forced it to announce 700 job cuts in Yorkshire and several hundred layoffs at its South Wales plant. The company’s losses doubled last year to 768 million pounds.
Caparo, which had an auto ancillary unit in Singur in India’s West Bengal state, still has 18 acres of land in the area.
Angad married media lawyer Michelle Bonn 10 years ago. He was also the executive producer of a hit movie titled “Lock, Stock and Two Smoking Barrels”.