The Thapar Group, founded by his grandfather in 1919, had its roots in coal trading.
Having built on his inheritance, Thapar insists most of his present wealth is self-made.
Thereafter, Thapar, with his uncle's blessing, oversaw a replay of the Ballarpur crisis at Crompton Greaves.
When the patriarch sought to meet him while he was studying at Pratt, Thapar flatly refused.
Valmik Thapar, a conservationist, says India will have 300 to 400 tigers in four years.
ECONOMIST: New estimates of India's tiger population are depressing
One conversation I particularly enjoyed was with one of India's greatest historians, 81-year-old Romila Thapar.
The Ballarpur turnaround had earned Thapar credibility with the banks, and they supported Crompton through its overhaul.
Ballarpur's chemicals division had been dumping high-priced raw material on the company, also part of Thapar Group.
Crompton Greaves, part of the Avantha group controlled by Gautam Thapar, underwent a strategic review in 2001-02.
Thapar's plainspokenness has served him well, although at first it got him into trouble with his uncle Lalit.
Mr Thapar is unusual among Indian businessmen in seeking inspiration (as well as acquisitions and markets) in continental Europe.
Mr Thapar became boss of BILT after steering it clear of bankruptcy in the latter half of that decade.
Emboldened by his success, last November Thapar forged a new identity for his group, dumping the family name for Avantha.
"This market does not respond well to white faces speaking Hindi, " says Karan Thapar, director of programs for Home TV.
This was undertaken by Chief Executive Trehan, who claims he got Thapar's 100% backing as he embarked on the rescue mission.
Thapar's bachelor uncle Lalit Thapar, who was at the helm of the family empire, was grooming his oldest nephew, Vikram, to succeed him.
Thapar's 39% stake in each, together with his private holdings, make him a billionaire even after the recent retreat in Indian share prices.
Backed by his uncle, who said, "Do what you have to do, " Thapar wielded a giant ax, shuttering businesses, laying off staff and squeezing costs.
While India was embracing freer markets, Thapar thought Ballarpur was lagging.
Mr Thapar cites a European tradition, where the heirs to family businesses first go off to try their luck elsewhere, before returning to the family fold.
Miss Thapar acknowledges that her generation of historians came from the political left but says their views reflect their background in the social sciences more than their politics.
With this issue's profile of Gautam Thapar, we welcome Naazneen to a full-time association with FORBES ASIA as India Editor, one more reflection of our deepening engagement with the subcontinent.
On offer are dramas, game shows, variety shows, news and lifestyle programs -- whatever it is, it will be made for TV and not lifted from the Bollywood production line, says Thapar.
Mr Thapar cultivates a similar relationship with those who work for him, giving promising young executives responsibility for smaller units early on, so they can make their mistakes before the stakes get too big.
Although the sector is hardly glamorous and the lack of raw material makes India, by Thapar's own admission "not the best place to make paper, " the country is one of the world's fastest-growing paper markets.
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