Sir Tony, who worked closely with Lord Paul in securing and organising the 2012 Olympics, said Lord Paul would be deeply missed. Lord Paul died peacefully at hospital in London on Thursday, surrounded by his family. He was 94. Sir Tony said: "Swraj was a remarkable entrepreneur, philanthropist and public servant. "From his beginnings in India through to his membership of the House of Lords he was always striving to make the world a better place. "I remember too his contribution to our olympics bid and his tireless efforts to improve the life chances of the poorest children. "He will be deeply missed. Profound condolences to all his family." Lord Paul had served as chancellor of Wolverhampton University since 1999, when he succeeded the Earl of Shrewsbury and Talbot. The Indian-born tycoon moved to Britain in 1966 to receive leukaemia treatment for his daughter, Ambika. Following Ambika's death, at the age of four, he set up the Ambika Paul Foundation as a charitable trust that went on to donate millions to promote the wellbeing of children and young people all over the world through education and health initiatives. Educated at Punjab University and the Massachusetts Institute of Technology in the USA, he founded the Caparo Group in 1968, which became a global steel and engineering giant. Ranked 81st in the Sunday Times Rich List, his wealth was estimated at £2 billion. He was appointed a Labour life peer in August, 1996 as Baron Paul of Marylebone. Since 2010 he has sat as a cross-bencher, and continued to be an active member of the House of Lords until his recent illness. In 2010 the university's student union building was renamed The Ambika Paul Student Union Centre in memory of his daughter, who died aged four, following his donation towards its refurbishment.