Angad Paul, 45, was pronounced dead at the scene after falling from the flat in central London yesterday morning.
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They said London Fire Brigade was called to help recover the body and his next of kin have been informed of the death which they said is being treated as “non-suspicious at this stage”.
It comes after the troubled company, which is now in administration, announced 450 job cuts, with the future of another 1,200 uncertain.
Caparo has branched out into other industries with interests in cars, hotels and hospitality.
His father-in-law, Jeffrey Bonn, whose media-lawyer daughter Michelle married Paul in 2005, told the Evening Standard: “We are all in pieces”.
Caparo Industries is reported to be on the brink of going into administration as a fallout of the United Kingdom steel crisis.
The Caparo group CEO, Angad, is survived by his wife Michelle, their two children besides his parents Lord Paul and Aruna Paul and three siblings.
A female relative speaking through the door of the five bedroom semi-detached home said: “No, no. We are going through a lot as it is”.
He passed ownership of the firm to his son in 1996.
The youngest son of Lord Paul was credited as the executive producer in a number of British director Guy Ritchie’s films, such as Lock, Stock And Two Smoking Barrels (1998) and Snatch (2000).
He started Caparo with a £5,000 bank loan following her death two years later, and the family is now ranked 47th in the 2015 Sunday Times Rich List, with an estimated £2.2billion fortune.
Administrators are considering whether a series of ill-fated ventures in supercars, film and design led by Mr Paul contributed to the collapse. It employs more than 10,000 people worldwide with a turnover of over £1 billion a year and 40 companies under its belt.
The steel magnate also helped create the Caparo T1 supercar – the closest vehicle to a street legal Formula One auto.
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It costs hundreds of thousands of pounds to buy and was developed by former McLaren F1 engineers.
