The 2nd British Asian Achievers Awards, organised by Jagatwani, a Hindi weekly, was held at the Grosvenor Hotel here on Friday.
According to the citation of the Award, Paul, Chairman of the Caparo Group, a leading UK-based manufacturer of steel products, has property and leisure interests and currently employs over 7,000 people across North America, UK, India and the Middle East.
It said Paul was the first person of Indian origin to hold the post of Deputy Speaker of the House of Lords, a position he held from 2008 to 2010.
He was awarded the Padma Bhushan by the Government of India in 1983.
"In the field of education, Lord Paul was Chancellor of Thames valley University in 1998. He is the Chancellor of Wolverhampton University and is the longest serving University Chancellor in the UK," the citation said.