Angad Paul, CEO of Caparo Industries, has died in tragic circumstances just weeks after his company entered administration.
Paul, aged 45, was found dead after suffering fatal injuries caused by a fall from his apartment several stories up. Police are not treating the death as suspicious.
Caparo, a manufacturer of steel products, was founded in 1968 by Angad Paul’s father, Lord Swraj Paul.
Lord Paul, one of the UK’s richest men, had passed on ownership of the company to Angad in 1996.
Under his leadership the company expanded into a number of new areas including film production and car manufacturing, as well as building new facilities in the US and India.
The company had fallen on hard times in recent years due to the rapid decline in the price of steel, linked to a slowdown in Chinese growth.
Caparo Industries officially filed for administration just over a month ago on October 19, prompting fears of close to 1,700 job losses across the company’s plants in the UK, US and India.
Caparo F-1 likely canceled
The combination of the company going into administration and the untimely death of Caparo’s CEO, means that one of the company’s most high profile projects, the Caparo F-1 will likely be cancelled.
The Caparo F-1 was a high-performance supercar designed by the company to show off its manufacturing prowess.
Dubbed a ‘hypercar’, the vehicle was aesthetically very similar to some of the early Formula-1 racecars, despite being intended for on-road use.
Developed with a team of engineers previously working with McLaren, the Caparo F-1 was incredibly light, weighing in at just 1,040 pounds (470kg) and featuring a powerful 3.5L V8 engine.
These specifications made the vehicle rather difficult to handle however, and several serious crashes delayed production.
All up, only 14 of the cars were made in total, with the project now likely to be suspended by the company’s new administrators.