Growth and internationalization go hand in hand. Internationalization has many risks like economy, technology, customer segments, competition intensity etc. In this paper the author has examined the growth of the Indian automobile giant TATA Motors, both domestically and internationally. The study relates to the period from the 1999 recession to the present and has used the strategic formulation steps. It tried to map the strategy and delineate the lessons learned in the process. The lessons were in the range of opportunity capitalization, cost reduction, and strategies of international business to product strategies and market selection. The theory of firm framework has been used in the analysis of growth.