Who is Taraka from Lord of Light and what is their importance?

Taraka is the chief of the Rakasha, the energy-beings who originally inhabited the planet but who were imprisoned by Sam in the mountain called Hellwell. Sam releases Taraka as part of a bargain to help him fight the gods, but Taraka possesses Sam's body against his will and lives a luxurious life until they are nearly killed by the god Agni. Taraka rejoins Sam to fight the gods, but gives in to his pride and desire to test his strength against Yama, who defeated him at the battle of Hellwell. In a long struggle, Yama manages to defeat Taraka, who disappears.