London:
London-based entrepreneur Lord Swraj Paul has unveiled takeover plans in the United Kingdom (UK) and India in the coming months, once the “very dark times” of the Omicron variant-related Covid-19 wave subsides.
The 90-year-old founder of Caparo Group said this week his team had identified a few potential acquisitions, which will be finalized after site visits are enabled as Covid travel eases.
The focus will be on the company’s strengths in the manufacturing sector, with steel products companies being considered.
“In India, we are already present in 20 states, so the new acquisition will be wherever we find a steel-friendly scenario,” said Mr. Paul.
“In the UK, we are looking at new businesses involved in manufacturing industrial goods. Our expertise is in steel products for cars, aircraft, railways, and my motto has always been to do what you know best,” he explained.
Asked about the time frame for these new purchases, the fellow and billionaire businessman from the House of Lords added: “These are very dark times. We have had to close our offices again amid the latest wave of Covid cases. is therefore waiting and waiting, but not endlessly watching.”
One of the richest men on the UK’s annual “Sunday Times Rich List”, with an estimated fortune of GBP 2 billion, Mr Paul founded his first company in 1968 in Huntingdon, England.
Following a crisis in the steel industry about six years ago, the Caparo Group’s West Midlands operations were sold after being taken into administration. Most of his company’s operations now take place in the US, India, Canada and the United Arab Emirates.
He has his sights set on the UK again for the new year and is ideally looking for a manufacturing company within 150 miles of London.