Naresh Goyal

Naresh Goyal
Born	29 July 1950 (1950-07-29) (age 61) Sangrur, Punjab, India
Residence	Mumbai
Nationality	Indian
Occupation	Chairman of Jet Airways
Years active	1967–present
Net worth	US$2.2 billion

Naresh Goyal (Hindi: नरेश गोयल, Punjabi: ਨਰੇਸ਼ ਗੋਯਲ, born July 29, 1950) is an Indian 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.

Narsh 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.^{[citation needed]} 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.^[1]

Early life

Naresh Goyal was born in Sangrur 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 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 Aeroflot, 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.

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.

References

1. ^ ''Namrata Goyal''. Livemint.com (2010-08-03). Retrieved on 2011-11-11.

External links

• Naresh Goyal image
• Jet Airways site Chairman's profile
• Airline Business magazine profile
• Forbes – India'a 40 richest
• Takeover link
• Jet files a suit of 500 Cr – Agarwal Today Report

Persondata
Name	Goyal, Naresh
Alternative names	नरेश गोयल (Indian)
Short description	Indian businessman and founder of Jet Airways
Date of birth	23 December 1950
Place of birth	Sangrur, Punjab
Date of death
Place of death