At a ceremony held in the House of Commons, Rev Jesse Jackson, well known African American civil rights leader presented the award to Sangar.
He described Sangar as a "gentleman who has devoted much of his time to fundraising and philanthropic work with success." Accepting the award, Sangar said he was "humbled and honoured".
"I only did what everyone is expected to do," he added. Sangar, who had started business with a small travel agency in East London in 1965, has managed to build up a number of businesses including 5 star hotels, properties, travel agencies and Life Insurance Company and is now Chairman of Mast Craft Ltd.
As Vice Chairman of the Bharatiya Vidya Bhavan, Sangar is instrumental in raising over a million pounds for building the new building for the Bhavan.
He also played a key role in raising funds for constructing the largest Hindu temple in the UK for Lord Venkateswara (Balaji) in Tividale near Birmingham.
Jagdish Chander, Director of the India Tourist Office in London, who worked tirelessly to promote the Incredible India Campaign in the UK, received the Campaign of the Year Award.
Another NRI Rami Ranger was declared as Male Entrepreneur of the Year.
NDTV was declared News Channel of the Year while Dhruv Gadhvi who has launched his own production house DGTV, was given the Asian Broadcaster of the year Award. The awards have been instituted by a bilingual weekly, Asia Voice.