UK based Indian billionaire Lord Swraj Paul has announced that his steel and engineering conglomerate Caparo Group plans to invest more in India in areas such as films, fashion and tourism.

Lord Paul's son Angad Paul was the executive producer of Lock, Stock And Two Smoking Barrels.

Lord Paul told Indian press reporters: "I have already retired from active business. But Caparo Group under my sons are certainly looking at India in a much more positive way. We have a very positive attitude about India and will certainly invest more here."

Paul is the latest high profile figure from the world of business to announce plans to invest in the Indian film industry.

One of the largest Indian corporations Kumaramangal Birla has already launched a production company - called Applause Entertainment - which has been announcing projects at a furious rate for the last six months.

The company is already producing Dev, Black, Tapana and a special effects project for Lord of the Rings - The Return of the King. Its biggest investment Sanjay Leela Bhansali's estimated US$3m Black is due for release in September 2004.

Meanwhile, Vijay Mallya of United Breweries is joining forces with popular star Suniel Shetty and Prakash Khubchandani of Popcorn Entertainment to produce his first Hindi film.

Vijaypat Singhania, scion of an industrial family with interests in textiles, hospitals, educational institutions, animal husbandry and publications, has just made a foray into film-making with production of the Hindi movie Woh Tera Naam Tha.