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Rise and fall of Jet Airways' Naresh Goyal: From aviation icon to legal turmoil

  •   Fri, Mar 22 2024 11:41:53 AM

Daijiworld Media Network – New Delhi

New Delhi, Mar 22: Naresh Goyal, once hailed as an icon in India's aviation sector, founded Jet Airways in 1993, quickly earning a reputation for providing high-quality service at affordable prices. Jet Airways soon became one of India's largest airlines under Goyal's leadership.

However, cracks began to show in Jet Airways after Goyal made some financial decisions that proved to be unsuccessful. Despite initial optimism, on March 25, 2019, Goyal's resignation from the board of directors signalled Jet Airways' imminent closure.

Fortunately, entrepreneur Murari Lal Jalan, in collaboration with Kalrock, acquired Jet Airways with hopes of restoring its former glory. Despite challenges, there are reports suggesting Jet Airways may resume operations in 2024 under new leadership.

Goyal's inspiring journey, from humble beginnings in Sangrur, Punjab, to the pinnacle of success in India's aviation industry, is a tale often recounted in business circles. Born in 1949, Goyal faced adversity early in life after his father's passing, but his mother ensured he completed his education.

Starting his career at his uncle's travel agency, Goyal quickly rose through the ranks, gaining invaluable experience in the aviation sector. In 1969, he was appointed PR manager for Iraqi Airlines, further cementing his position in the industry.

By 1973, Goyal ventured into entrepreneurship, establishing Jet Air Agency with a loan from his mother. The early '90s saw the launch of Jet Airways, marking a significant milestone in Indian aviation.

Despite Jet Airways' success, Goyal faced challenges in the following years, leading to the airline's eventual suspension of operations in 2019. Goyal's legal troubles further compounded his woes, culminating in his arrest in 2023 on charges of fraud.

Currently incarcerated and battling health issues, Goyal's hope for a peaceful retirement diminishes with each passing day. His journey, from modest beginnings to financial success and subsequent downfall, serves as a cautionary tale and a testament to the complexities of business.

 

 

 
  

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Comment on this article

  • Bharath, Mangalore

    Mon, Mar 25 2024

    Its always good to be steady once the growth has achieved its targets and then incline it and run the show decently, specially in aviation industry. I truly admire the show run by Jet airways and always being on time, with high class service. However, greed is what a human always have to beat others, but this should not be the case. Though jet airways saw its rivals Kingfisher, spicejet etc going down in the market and gradually disappearing, it should have learnt the lesson and must have held its further decision of expanding its networks and buying out new aircraft. Having said all the above, I appreciate Capt. Gopinath of the then Deccan Air, who saw the light diminishing at the end of the tunnel and made a wise decision of selling out his commercial business without any controversy. Hope to see jet airways back in sky from the new operators Jalan, which has been a long wait and still waiting to fly in the skies

    DisAgree Agree Reply Report Abuse

  • Rita, Germany

    Fri, Mar 22 2024

    Wish previous glory of JET AIRWAYs begins soon. I felt so sad that it doesn't exist. It's really a difficult way for us to reach our Mangalore. Our superstars are resting.

    DisAgree Agree [2] Reply Report Abuse

  • Chandu, Karla

    Fri, Mar 22 2024

    This is nothing but over ambitious performance and corrupt business practices by playing with public money from share holders, PSB banks, financiars and employees.

    DisAgree [2] Agree [12] Reply Report Abuse

  • M.Mathias, Mangalore

    Fri, Mar 22 2024

    Very good company. Government not helped him.Very big loss to India.

    DisAgree [13] Agree [20] Reply Report Abuse

  • STEPHEN FERNANDEE, bangalore

    Fri, Mar 22 2024

    i still remember travelling in Jet airways in economic class like business class from muscat to abudhabi lovely airlines. hope it starts again jet as well as king fisher.

    DisAgree [2] Agree [23] Reply Report Abuse

  • real kujuma, kodial

    Fri, Mar 22 2024

    probably he is not in the good books of the fraud gujju duo in delhi...otherwise he could have easily stood for some election and enjoyed his life with rs two lakh suit and mont blanc pen like out richest fakir

    DisAgree [14] Agree [33] Reply Report Abuse

  • Roland, Mangalore

    Fri, Mar 22 2024

    Nowadays if any of the businessman is not in the good books of the central government he is unjustly targetted by the central agencies. So nobody is sure whether the individual has actually committed a fraud or is being accused. I’m not saying that Mr. Goyal is innocent but the word ‘ fraud’ in india is highly questionable. #northkorearussiaindia

    DisAgree [8] Agree [25] Reply Report Abuse

  • Jossey Saldanha, Raheja Waterfront

    Fri, Mar 22 2024

    Another Vijay Mallya ...

    DisAgree [12] Agree [14] Reply Report Abuse

  • Harish Hegde, Mangalore/Udupi

    Fri, Mar 22 2024

    Vijay Mallya is a fraud he was a playboy and what not he still have money this is why hw is surviving there in UK, I don't think Naresh Goyal was or having money, maybe I am wrong don't know.

    DisAgree [2] Agree [24] Reply Report Abuse


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