The award, constituted by the Indo-European Business Forum (IEBF), was presented to the Hinduja brothers at the event which was hosted by Baroness Sandip Verma, an Indian- origin minister in the UK's Department of Energy and Climate Change. IEBF was founded back in 2007 by Indian-origin lawyer Vijay Goel as a non-profit platform to promote business ties between India and the EU.
"The Indian community is the backbone of the UK. I have never calculated my wealth but I believe humbleness is the best ornament and friends and wisdom are my wealth," said G P Hinduja, co-chairman of the Hinduja Group of industries.
As part of the IEBF's inaugural awards event, Indian entrepreneur Anil Agarwal, founder and executive chairman of Vedanta Resources, was honoured with a Global Businessman of the Year award. His London Stock Exchange listed natural resources firm is marking 10 years since its listing this week.
"This award goes to the UK-India relationship. As the new government rides a wave of majority, let's strive to take India to a different level," he said.
An award for leadership was presented to Britain's Deputy Prime Minister Nick Clegg, who could not attend the event due to high-level government talks around the UK's role in tackling the Syrian crisis.
Indian cricket legend Kapil Dev was also honoured with a Lifetime Achievement award at the ceremony.
Ratan Tata receives Dwight D Eisenhower Leadership Award
Hindujas are wealthiest Asians in UK