Naresh Goyal, a prominent figure in Indian aviation, is best known as the founder of Jet Airways. His journey from humble beginnings to leading a major airline is a compelling story of entrepreneurship and resilience.

Wiki/Biography

Naresh Goyal was born on July 29, 1949 (age 75 as of 2023), in Sangrur, Punjab, India. He attended Government Raj High School in Sangrur before earning a Bachelor of Commerce degree from Government Bikram College of Commerce, Patiala. His family faced significant financial hardship when he was just 11, losing their home to auction. His maternal uncle provided crucial support during his college years. While he initially aspired to be a Chartered Accountant, financial limitations led him to pursue a B.Com instead.

Family, Wife & Caste

Naresh Goyal hails from a Punjabi Hindu family. His father was a jewelry dealer, and his mother a homemaker. He tragically lost his father at a young age. He had an older brother, the late Surinder Kumar Goyal, who co-founded Jetair (a travel agency) with him. He married Anita Goyal, a key figure in Jet Airways’ early days who served as a marketing analyst. Sadly, she passed away in May 2024 after a battle with cancer. The Goyals have a daughter, Namrata Goyal (Director of Filmstoc Private Limited), and a son, Nivaan Goyal (on the Board of Directors of Jet Airways).

Career

After graduating in 1967, Naresh started his career as a cashier at his uncle’s travel agency. His talent quickly shone through. By 1969, he became the Public Relations Manager for Iraqi Airways. From 1971 to 1974, he served as Regional Manager for Royal Jordanian Airlines, gaining valuable experience in ticketing, reservations, and sales. He also collaborated with Indian officers at Middle Eastern Airlines.

In 1974, with a loan from his mother, he and his brother launched their own travel agency, Jetair. Jetair represented airlines such as Air France, Austrian Airlines, and Cathay Pacific. In 1975, he took on the role of Regional Manager for Philippine Airlines, overseeing their Indian commercial operations.

India’s 1991 Open Skies Policy presented a pivotal opportunity. Leveraging his experience, Naresh transformed Jetair into Jet Airways in 1992. Jet Airways commenced operations in May 1993, expanding to international flights by 2004. The acquisition of Air Sahara in 2007 solidified Jet Airways’ position as India’s largest air carrier by 2010.

Controversies

Over the years, Naresh Goyal faced several controversies:

• Links with Dawood Ibrahim: Allegations of links with the underworld figure Dawood Ibrahim surfaced in the 2000s. These allegations were investigated, and he was eventually cleared.
• Money Laundering Case: In 2020, the Enforcement Directorate (ED) initiated a money laundering investigation under the Foreign Exchange Management Act (FEMA). Further investigations and charges related to bank fraud and misappropriation of funds followed, leading to his arrest in 2023 and subsequent legal proceedings.

Awards/Honours

Throughout his career, Naresh Goyal received numerous accolades, including:

• The Iconic Indian Award (Aviation)
• Hall of Fame – Hotel Investment Forum of India
• Commandeur of the Order of Leopold II (Belgium)
• And several other significant awards recognizing his contributions to the aviation industry.

Net Worth

In 2017, Naresh Goyal’s net worth was estimated at ?3,000 Crore ($500 Million).

Facts

Here are some interesting facts about Naresh Goyal:

• His first salary was ?300 per month.
• He slept on the floor of his uncle’s office during his struggling days.
• He served on the Board of the International Air Transport Association (IATA) from 2004 to 2016.
• Despite his success in the aviation industry, he cannot drive a car or swim.
• In 2018, he signed an $8.8 billion deal with Boeing for 75 aircraft.

Key Events in Naresh Goyal’s Career

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