Disaster ensued. "We couldn't handle the diversity," admits Bhavarlal's eldest son, Ashok, who's now vice chairman. By 1999 losses had piled up to $40 million and the Jains had defaulted on their loans to banks. There was no money to pay for raw material or even salaries to workers. Jain Irrigation's stock plunged from a high of 450 rupees in 1994 to 9 rupees in 2000.

The nightmare lasted until 2002, when the Jains got a partner in Texas Pacific Group's Aqua Fund, which invests in water and renewable energy. Aqua took 49% in Jain Irrigation for $44 million, valuing the company at less $100 million. The Jains brought down their stake from 70% to 30%, conceding four board seats to Aqua's representatives.

Image: Indian farm workers cut the mature paddy in a paddy field in the Milanmore village area on the outskirts of Siliguri. | Photograph: Diptendu Dutta/AFP/Getty Images