Angad was at the helm of the family’s global conglomerate Caparo Industries, founded by his father, since 1996. He also produced Guy Ritchie’s films ‘Snatch’ and ‘Lock, Stock and Two Smoking Barrels’, and was partner in the high-end furniture firm, Established & Sons with Stella McCarthy’s husband Alasdhair Willis.

“His memory and legacy will go on to support the next generation of entrepreneurs”

Before following his father’s footsteps into business, Paul studied as an international student at MIT. He died after falling from his eight-story penthouse balcony in central London. The police later said the incident was not suspicious.

Lord Paul, who unveiled a plaque and picture in his son’s memory on Monday, described his son as “a creative and successful entrepreneur” who believed that “professional activities should embrace values that relate to making a better world and better human beings.”

“It would have been his wish that this campus and all those who participate in its activities will be sensitive to these human responsibilities,” Lord Paul said.

This legacy gift was made by Lord Paul through a charitable trust Ambika Paul Foundation, named after his daughter, and will be used towards student–staff initiatives like support for early careers researchers, individual and group teaching excellence reward initiatives, and to fund student entrepreneurial initiatives.

“After 21 years as chancellor, I am confident that the Telford Innovation Campus will be an outstanding centre of engineering excellence, and that it will also nurture the quality of creativity of which Angad Paul’s life and attitudes remind us,” added Lord Paul.

The university has over 23,000 students and 2,400 staff and has campuses in Wolverhampton, Walsall and Telford with education centres in Stafford and Burton and business solutions centres in Wolverhampton, Telford and Hereford.

Geoff Layer, the vice-chancellor of the university described Lord Paul as “an exceptional ambassador for the University of Wolverhampton” and believed that “the naming of the Angad Paul Building will be particularly poignant for him and his family, providing a lasting tribute to their beloved son’s life”.

“Angad was an industrialist so it is fitting that his memory and legacy will go on to support the next generation of entrepreneurs,” Professor Layer said.

Along with his seat in the House of Lords and chancellory of the institution, Lord Paul places on the Sunday Times ‘Rich List’ as the 38th most wealthy person in the UK.