Bower with VS 2015–Resolve ECMDERR Failed to execute "git clone https://github.com/components/ … exit code of #-532462766

Recently encountered error in getting bower packages with VS 2015 Update 1 (Enterprise), which is confirmed error on VS 2015 Update 2 Community as well, according to MSDN forum thread here.
PATH=.\node_modules\.bin;C:\Program Files (x86)\Microsoft Visual Studio 14.0\Common7\IDE\Extensions\Microsoft\Web Tools\External;%PATH%;C:\Program Files (x86)\Microsoft Visual Studio 14.0\Common7\IDE\Extensions\Microsoft\Web Tools\External\git
"C:\Program Files (x86)\Microsoft Visual Studio 14.0\Common7\IDE\Extensions\Microsoft\Web Tools\External\Bower.cmd" install --force-latest
bower jqueri-ui#*           not-cached https://github.com/components/jqueryui.git#*
bower jqueri-ui#*              resolve https://github.com/components/jqueryui.git#*
bower jqueri-ui#*             checkout 1.11.4
bower jqueri-ui#*              ECMDERR Failed to execute "git clone https://github.com/components/jqueryui.git -b 1.11.4 --progress . --depth 1", exit code of #-532462766

It does not load the version number of the package properly in bower.json as well.
It is same issue in corporate network and in no firewall, no proxy direct internet connection.
Search on the error and trying out so many suggestions, the most stable workaround is mentioned in this connect feedback (workaround link given stackoverflow answer).
Solution Step By Step
1. Download Git from http://git-scm.com/
2. Install in your machine.

3. Open Git Bash
4. Run below command with Git Bash
git config --global url."http://".insteadOf git://
5. In Visual Studio right click on Dependencies – > Bower and click External tools
or click Tools, Options in Visual Studio.
6. Go to Project and Solutions –> External Web Tools in Options dialog.
7. Uncheck “$(DevEnvDir)\Extensions\Microsoft\Web Tools\External\git” and add a new folder path to your Git installed location bin folder.
8. Close and open Visual Studio and you are good to go.
Now packages give version number in bower.json
Restore package completes smoothly.

One caveat with the solution is having to install external Git in the machine, which will not be used for anything other than fixing this issue. MSFT should fix the problem with embedded Git shipped with VS to make this a seamless experience for the developers.