Naresh Goyal
Encyclopedia
Naresh Goyal is an India
n businessman and founder Chairman of Jet Airways
. He started operating Jet Airways in 1993. Following the 2005 IPO of Jet Airways, Forbes
magazine declared him the sixteenth richest person in India
with a net worth of $1.9 billion.
Naresh Goyal took over Air Sahara
giving his company 32% of the Indian travel market.
He has over twenty-five years of experience in the civil aviation sector. Under his leadership, Jet Airways has emerged as one of India's most preferred airlines. Following the bad times in the airline industry in the second half of 2008, Naresh Goyal joined hands with his prominent rival Vijay Mallya's
Kingfisher Airlines
in October of 2008, entering into an agreement that would rationalise the operation of routes, sharing of codes, prices and availability, fuel management and ground handling, thus making Jet Airways-Kingfisher not only the largest market player, but also enabling both the airlines that would otherwise head for a collapse to economize and save. The Competition Commission of India has launched an inquiry if this arrangement is anti-competitive.
He has a son named Nivaan Goyal currently studying in London, and a daughter named Namarata Goyal.
in Punjab
in the house of a jewelery dealer. When he was eleven years old, his family went through an economic crisis and his house was auctioned. He then lived with his mother's uncle. When he was eighteen he took a teaching degree which has now lead him to teaching grade 9 math in Canada.
He completed his graduation in Commerce from Bikram College of Commerce, Patiala...
, Air Canada
, Air France
, All Nippon, Austrian Airlines
, Biman Bangladesh, Gulf Air
, Jet Airways
(since inception), Lufthansa
, Oman Air
, Royal Jordanian
. After Jet Airways
launched its international operations, most of the carriers withdrew GSA rights from Jet Air. Jet Airways
cargo sales was solely handled by Jet Air Limited.
All Jet Airways
airline accounting (cashiers, accounts) was done either directly by Jet Air or payroll cost charged back to Jet Air (by Jet Airways
) in lieu of a commission paid to Jet Air for ticket
sales (Jet Air was given commission for all ticket sales of Jet Airways). This structure was changed before IPO of Jet Airways
and all key processes were brought within Jet Airways
control
Jet Air operations have been scaled down to bare minimum, with most regional offices closed and staff given either voluntary retirement, relocation to other cities or transferred to Jet Airways
.
Mr. Goyal served on the Board of the International Air Transport Association (IATA) from 2004–2006.
India
India , officially the Republic of India , is a country in South Asia. It is the seventh-largest country by geographical area, the second-most populous country with over 1.2 billion people, and the most populous democracy in the world...
n businessman and founder Chairman of Jet Airways
Jet Airways
Jet Airways is a major Indian airline based in Mumbai, Maharashtra. It is India's largest airline and the market leader in the domestic sector. It operates over 400 flights daily to 76 destinations worldwide. Its main hub is Chhatrapati Shivaji International Airport, with secondary hubs at Delhi,...
. He started operating Jet Airways in 1993. Following the 2005 IPO of Jet Airways, Forbes
Forbes
Forbes is an American publishing and media company. Its flagship publication, the Forbes magazine, is published biweekly. Its primary competitors in the national business magazine category are Fortune, which is also published biweekly, and Business Week...
magazine declared him the sixteenth richest person in India
India
India , officially the Republic of India , is a country in South Asia. It is the seventh-largest country by geographical area, the second-most populous country with over 1.2 billion people, and the most populous democracy in the world...
with a net worth of $1.9 billion.
Naresh Goyal took over Air Sahara
Air Sahara
JetLite, formerly Air Sahara, is an airline based in Mumbai, India. owned by Jet Airways, the airline operates scheduled services connecting metropolitan centres in India, it operates 110 flights daily...
giving his company 32% of the Indian travel market.
He has over twenty-five years of experience in the civil aviation sector. Under his leadership, Jet Airways has emerged as one of India's most preferred airlines. Following the bad times in the airline industry in the second half of 2008, Naresh Goyal joined hands with his prominent rival Vijay Mallya's
Vijay Mallya
Vijay Mallya is an Indian liquor and airline baron. The son of industrialist Vittal Mallya, he is the chairman of the United Breweries Group and Kingfisher Airlines. His United Spirits is world's second largest liquor maker, by volume...
Kingfisher Airlines
Kingfisher Airlines
Kingfisher Airlines is an airline group based in India. Its head office is Kingfisher House in Vile Parle , Mumbai. Kingfisher Airlines, through its parent company United Breweries Group, has a 50% stake in low-cost carrier Kingfisher Red....
in October of 2008, entering into an agreement that would rationalise the operation of routes, sharing of codes, prices and availability, fuel management and ground handling, thus making Jet Airways-Kingfisher not only the largest market player, but also enabling both the airlines that would otherwise head for a collapse to economize and save. The Competition Commission of India has launched an inquiry if this arrangement is anti-competitive.
He has a son named Nivaan Goyal currently studying in London, and a daughter named Namarata Goyal.
Early life
Naresh Goyal was born in SangrurSangrur
Sangrur is a city in the Indian state of Punjab, India. It is the headquarters of the Sangrur district. It is located at the intersection of the roads connecting Delhi with Ludhiana and Patiala with Bathinda, at a distance of 80 km from Ludhiana and 48 km from Patiala. The...
in Punjab
Punjab (India)
Punjab ) is a state in the northwest of the Republic of India, forming part of the larger Punjab region. The state is bordered by the Indian states of Himachal Pradesh to the east, Haryana to the south and southeast and Rajasthan to the southwest as well as the Pakistani province of Punjab to the...
in the house of a jewelery dealer. When he was eleven years old, his family went through an economic crisis and his house was auctioned. He then lived with his mother's uncle. When he was eighteen he took a teaching degree which has now lead him to teaching grade 9 math in Canada.
He completed his graduation in Commerce from Bikram College of Commerce, Patiala...
Education
After graduating in commerce in 1967, Naresh Goyal joined the travel business with the general sales agents for Lebanese International.Jet Air Limited
In 1970s, Naresh Goyal started Jet Air Limited. Jet Air served as GSA to several foreign airlines; was tour operator; courier company (Aramex courier) etc. Major Airlines represented by Jet Air (as GSA) were AeroflotAeroflot
OJSC AeroflotRussian Airlines , commonly known as Aeroflot , is the flag carrier and largest airline of the Russian Federation, based on passengers carried per year...
, Air Canada
Air Canada
Air Canada is the flag carrier and largest airline of Canada. The airline, founded in 1936, provides scheduled and charter air transport for passengers and cargo to 178 destinations worldwide. It is the world's tenth largest passenger airline by number of destinations, and the airline is a...
, Air France
Air France
Air France , stylised as AIRFRANCE, is the French flag carrier headquartered in Tremblay-en-France, , and is one of the world's largest airlines. It is a subsidiary of the Air France-KLM Group and a founding member of the SkyTeam global airline alliance...
, All Nippon, Austrian Airlines
Austrian Airlines
Austrian Airlines is the flag carrier airline of Austria, headquartered in Office Park 2 on the grounds of Vienna International Airport in Schwechat, Wien-Umgebung and a subsidiary of Deutsche Lufthansa AG. Together with regional subsidiary Tyrolean Airways and charter arm Lauda Air, it operates...
, Biman Bangladesh, Gulf Air
Gulf Air
Gulf Air is the principal flag carrier of the Kingdom of Bahrain. Headquartered in Muharraq, adjacent to Bahrain International Airport, the airline operates scheduled services to 45 destinations in 28 countries across Africa, Asia and Europe. Its main base is Bahrain International Airport...
, Jet Airways
Jet Airways
Jet Airways is a major Indian airline based in Mumbai, Maharashtra. It is India's largest airline and the market leader in the domestic sector. It operates over 400 flights daily to 76 destinations worldwide. Its main hub is Chhatrapati Shivaji International Airport, with secondary hubs at Delhi,...
(since inception), Lufthansa
Lufthansa
Deutsche Lufthansa AG is the flag carrier of Germany and the largest airline in Europe in terms of overall passengers carried. The name of the company is derived from Luft , and Hansa .The airline is the world's fourth-largest airline in terms of overall passengers carried, operating...
, Oman Air
Oman Air
Oman Air is the national airline of Oman. Based on the grounds of Muscat International Airport in Muscat, it operates scheduled domestic and international passenger services, as well as regional air taxi and charter flights. Its main base is Muscat International Airport. Oman Air is a member of...
, Royal Jordanian
Royal Jordanian
Royal Jordanian Airlines is the flag carrier of Jordan with its head office in Amman, Jordan, operating scheduled international services over four continents from its main base at Queen Alia International Airport at Amman Jordan. Royal Jordanian is a member of the Arab Air Carriers Organization...
. After Jet Airways
Jet Airways
Jet Airways is a major Indian airline based in Mumbai, Maharashtra. It is India's largest airline and the market leader in the domestic sector. It operates over 400 flights daily to 76 destinations worldwide. Its main hub is Chhatrapati Shivaji International Airport, with secondary hubs at Delhi,...
launched its international operations, most of the carriers withdrew GSA rights from Jet Air. Jet Airways
Jet Airways
Jet Airways is a major Indian airline based in Mumbai, Maharashtra. It is India's largest airline and the market leader in the domestic sector. It operates over 400 flights daily to 76 destinations worldwide. Its main hub is Chhatrapati Shivaji International Airport, with secondary hubs at Delhi,...
cargo sales was solely handled by Jet Air Limited.
All Jet Airways
Jet Airways
Jet Airways is a major Indian airline based in Mumbai, Maharashtra. It is India's largest airline and the market leader in the domestic sector. It operates over 400 flights daily to 76 destinations worldwide. Its main hub is Chhatrapati Shivaji International Airport, with secondary hubs at Delhi,...
airline accounting (cashiers, accounts) was done either directly by Jet Air or payroll cost charged back to Jet Air (by Jet Airways
Jet Airways
Jet Airways is a major Indian airline based in Mumbai, Maharashtra. It is India's largest airline and the market leader in the domestic sector. It operates over 400 flights daily to 76 destinations worldwide. Its main hub is Chhatrapati Shivaji International Airport, with secondary hubs at Delhi,...
) in lieu of a commission paid to Jet Air for ticket
Ticket
Ticket may refer to:* Ticket , a card or slip of paper used to gain admission to a location or event* Ticket , a card or slip of paper that designates one's position in a queue or ownership of an item to be picked up...
sales (Jet Air was given commission for all ticket sales of Jet Airways). This structure was changed before IPO of Jet Airways
Jet Airways
Jet Airways is a major Indian airline based in Mumbai, Maharashtra. It is India's largest airline and the market leader in the domestic sector. It operates over 400 flights daily to 76 destinations worldwide. Its main hub is Chhatrapati Shivaji International Airport, with secondary hubs at Delhi,...
and all key processes were brought within Jet Airways
Jet Airways
Jet Airways is a major Indian airline based in Mumbai, Maharashtra. It is India's largest airline and the market leader in the domestic sector. It operates over 400 flights daily to 76 destinations worldwide. Its main hub is Chhatrapati Shivaji International Airport, with secondary hubs at Delhi,...
control
Jet Air operations have been scaled down to bare minimum, with most regional offices closed and staff given either voluntary retirement, relocation to other cities or transferred to Jet Airways
Jet Airways
Jet Airways is a major Indian airline based in Mumbai, Maharashtra. It is India's largest airline and the market leader in the domestic sector. It operates over 400 flights daily to 76 destinations worldwide. Its main hub is Chhatrapati Shivaji International Airport, with secondary hubs at Delhi,...
.
Jet Airways
In May of 1993, Goyal founded Jet Airways (Private) Limited with the objective of providing sales and marketing representation to foreign airlines in India.Mr. Goyal served on the Board of the International Air Transport Association (IATA) from 2004–2006.
