The son of London billionaire Lord Paul has died after falling 8 storeys from his luxury penthouse

Angad Paul, the son of billionaire steel magnate and Labour peer, Lord Swraj Paul, has died after falling from the balcony of his eighth-floor penthouse in central London.

According to a report in The Telegraph, the 45-year-old died on the roof of a building beside his apartment in Portland Place, Marylebone, on Sunday morning.

Paramedics pronounced him dead at the scene after he suffered devastating injuries, while authorities have said they aren't treating the death as suspicious.

Angad was the CEO of Caparo Plc, founded by his father and parliamentary peer, Lord Paul, 86, who became one of the richest men in Britain with an estimated net worth of £2 billion after founding the steel empire in 1996.

The father of two's death comes two weeks after the company filed for administration and axed 450 jobs, as it suffers its biggest crisis since its inception 18 years ago.

The Caparo group operates in Europe, India, and the US. It employs over 10,000 people worldwide with a turnover of over £1 billion a year and 40 companies under its belt.

According to The Evening Standard, Paul's father in law, Jeffery Bonn, said: "We are all in pieces. We are very much in shock, nothing can be said... He was a very good, very generous, and very kind man. He was dearly loved and will be so sadly missed."

Angad Paul lived in the Marylebone family home with his parents, his wife and lawyer Michelle Bonn, and his two twin brothers. He took the helm of the family business in 2002 and under his direction, the company went global and branched out into film, television, and supercars.