The Acting High Commissioner of India to the UK, Virender Paul presented the award to Lord Paul at the 20th anniversary of the publication of India Link International, a monthly magazine published from here.
According to the citation, the UK-based steel and engineering multinational company Caparo founded by Lord Paul now employs some 10,000 people worldwide principally in the UK, USA and India.
Lord Paul, who was made a Life Peer, that is a member of the House of Lords in 1996, donated 1 million pounds to prevent the London Zoo from closure in 1994, the citation said.
"He was a member of the London Development Agency from 2000-2008 and chaired the LDA Olympics Delivery Committee between 2005 and 2008, which was responsible for delivering the land and infrastructure for the London 2012 Olympic Games on time and on budget."
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"He was appointed Chancellor of the University of Wolverhampton in 1999 and Chancellor of the University of Westminster in 2006. Previously he was Pro-Chancellor of Thames University from 1992-97 and its Chancellor in 1998."
Lord Paul was awarded the Padma Bhushan by the government of India in 1983 and granted the Freedom of the City of London in 1998.
Receiving the award, Lord Paul said "at the age of 82, I really want to dedicate this award to a wonderful person, my wife Aruna. Without wife's support you are nowhere".
In his brief speech, Virender Paul said "it was a very humbling experience for me and it is a great honour to present the award to Lord Paul who is a very important pillar of the Indian community. We are very proud of your achievements and your success and wish you very best."