St. Louis: Lord Swraj Paul's Caparo group on Friday announced an investment of about 150 million USD(about Rs 945 crore) in a commercial complex here that will include a boutique hotel, shopping area and office space.
The announcement was made by Lord Paul, an NRI industrialist based in the UK, in the presence of Missouri Governor Jay Nixon.
Speaking at a function to mark the announcement, Lord Paul said the Caparo group has decided to double its current investment of 600 million USD(Rs 3,780 crore) in the US within two years.
The UK-based 2 billion USD(Rs 12,600 crore) diversified conglomerate, of which Lord Paul is the Chairman, is present across 40 countries with a 10,000-strong workforce, while India accounts for over 15 per cent of its global business.
Its businesses supply steel and niche engineering products to a number of industries including automotive, construction, aerospace, steel conversion and distribution, general engineering, and medical among others.
"We want to grow our company here in the City of St.Louis as we re-affirm our commitment to the entire St.Louis region," Lord Paul said.
The new commercial complex will come up after a major renovation of the former Missouri Theatre Building--the last of Grand Center's historic buildings to be redeveloped--and be a home to a multi-use development site.
The rehabilitation work is expected to begin towards the end of this year and completed in the first half of 2017.
It will include a 145-room boutique hotel besides offices, restaurants and shops.
Governor Nixon said Caparo's decision to grow its divisional headquarters is further evidence that strengthening Missouri's relationship with global companies can have considerable effects back in this state.
"Caparo's investment will provide high-paying jobs to Missouri families as well as spur additional economic activity by revitalising the area. This is a significant commitment to our state and to the city of St. Louis," he said.
The Caparo group is partnering with St.Louis-based developer and co-founder of the Lawrence Group Steve Smith as an investor and co-developer of the remodel in Grand Center.
"Originally envisioned as a renovation into an apartment building, the recent opportunity to partner with the Caparo Group to create their US corporate headquarters and to bring many more jobs into the Grand Center district led to the re-visioning of the project," Smith said.
"This is the last un-renovated, major historic building in Grand Center," he said.
Representing about one-third of Caparo's overall revenue, its North American business operates under the Bull Moose Industries flag.
