Leading NRI industrialist Lord Swraj Paul has been honoured with the 'Lifetime Achievement Award' by a UK-based weekly for his outstanding contribution to the industry, education and philanthropy.

His son Angad Paul, Chief Executive Officer of the Caparo Group, was chosen for the 'Businessman of the Year 2008' award by the 'Eastern Eye' magazine.

Receiving the honour at the 12th annual Eastern Eye Asian Business Awards at the Wembley Stadium last night, Lord Paul dedicated it to his wife of 50 years Lady Aruna Paul for her support and his entire family, particularly daughter Ambika who died at the age of four, the Asian community and the British people "who have been most hospitable to me."

Lord Paul, who was also declared as Britain's richest Asian, with a 1.5 billion pounds fortune, told the Sky news today: "I have never considered wealth something which is permanent. Wealth is something you enjoy creating."

Answering questions on the current global financial meltdown which has hit the UK as well, he said "the condition of industry in Britain is no different. It (the meltdown) has been specially in the industry after literally the brick fell down last September."

"Upto that time, the Euro was strong, we could export to Europe
and carry on with business. Since then things have deteriorated all over," Lord Paul, who is also the British Ambassador for Overseas Business, said.