Expanding its presence in the US, NRI industrialist Lord Swraj Paul-led Caparo Group plans to build an integrated commercial complex, comprising a hotel, offices, retail outlets and a food court, under a $340 million (Rs 2,260 crore), redevelopment project in St Louis.
Bull Moose, a US-based maker of metal tubes and part of the Lord Paul-led British business conglomerate, will have a significant ownership stake in the project.
The 14-acre project project is expected to generate nearly 900 jobs and also trigger more development in nearby areas. The project is said to be already generating interest from potential tenants of office spaces and food court and has already received letter of intent from some prospective users. It would have 48,000 square feet of restaurant and food court space, including food stalls and full-service restaurants. There would be 124,000 square feet of office space and retail outlets across 133,000 square feet of area.
Paul, chairman of the one-billion euro industrial conglomerate focussed largely on steel products, recently took over a leading trailer manufacturer in the US. Paul, who founded Caparo in 1968, dedicated the new plant in the US to his late son Angad, who had planned the takeover. Angad Paul, youngest son of NRI industrialist Lord Swraj Paul, died after falling from the eighth floor of his penthouse in Central London’s posh Portland Place during November, 2015.
Caparo India, through its multiple businesses offers, including end-to-end solutions in design, development and manufacturing of automotive systems, assemblies, advanced composites, modules and components for automakers and engineering majors, has grown into a global entity with over 40 companies operating from over 60 sites worldwide.