Thread by @sidart_misra

THREAD:
26 August 1907 is a red-letter day for the Indian industry.
Having discovered Iron ore reserves in the Sakchi-Kalimati <Tech> in 1904. <Labour> been easily available alongwith the Maharaja of Mayurbhanj's encouragement <Land>. A Dream begins with a Dreamer <J N Tata>.

It was now time for the mines & factory to begin their work. But the biggest challenge was to raise adequate capital. Dorabji Tata stationed himself in London, meeting investors, bankers, and anyone willing to listen to his story. Got a lot of encouraging words but no <Capital>

Having failed to raise capital in London, Dorab and Burjorji Padshah now decided to try to raise within India itself <with Indians>. The overwhelming angst against Indian resources<mostly British Controlled> being used to make the British rich was spreading across Bengal & India.

Dorabji rode this wave of patriotic fervour and appealed to all Indians, ‘Don’t you want to participate in the first such project in India?’
They formed a LTD Co. on 26 Aug 1907 and opened a public issue worth Rs. 2.3 Cr. Shares for common man were Rs. 1.5 Cr, at Rs 75 each.

The very next day saw long queues outside the Tatas’ Navsari Mansion in Bombay. The rich picked up their lots while the common man invested in small amounts. Nearly 8,000 people had invested within two weeks.

The news reached the Maharaja of Gwalior, who put in a princely sum. Dorabji, convinced that his father’s dream is now a step away. He said, ‘It feels so nice that for the first time in India we are seeing a project that is for the Indians, by the Indians, and of the Indians.’

Also, 'Tata' was used for first time in naming their business: Tata Iron and Steel Company (TISCO; Tata Steel today). As, earlier Biz were Empress Mills, Swadeshi Mills & Indian Hotels Company Ltd. But from 1907 (till TCS rise), Tata's were intrinsically linked to steel. <END>