Naresh Goyal

Naresh Goyal is a non-resident Indian (NRI) businessman and founder Chairman of Jet Airways.[4] He started operating Jet Airways in 1993 with initial seed money from Tail Winds incorporated, Isle of Man.[5] Following the 2005 IPO of Jet Airways, Forbes magazine declared him the 16th richest person in India, with a net worth of $1.9 billion. He currently does not feature on the Forbes list.[6][7]

Naresh Goyal
Born (1949-07-29) 29 July 1949[1]
Sangrur, Punjab, Republic of India
NationalityIndian (NRI)
OccupationFormer Chairman of Jet Airways[2]
Years active1967–2019
ChildrenNivaan Goyal
Namrata Goyal[3]

Early life

Naresh Goyal was born in Sangrur, Punjab[8] in 1949 in the house of a jewellery dealer. His father died when he was a child. He studied up to sixth standard at Govt. Raj High School for Boys. 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. Goyal holds a Bachelors of Commerce degree from Govt. Bikram College of Commerce, Patiala.[9]

Career

In 1967, Goyal began his career as a cashier in his maternal uncle Seth Charan Das Ram Lal's travel agency, East West Agencies,[10] at a starting salary of Rs 300 a month.[9] After graduating in Commerce, Goyal joined the travel business with the GSA for Lebanese International Airlines.[11]

From 1967 to 1974, he underwent extensive training in the travel business through his association with several foreign airlines. He travelled overseas extensively on business during this period.[11]

In 1969, he was appointed the public relation manager of Iraqi Airways and from 1971 to 1974 was the regional manager for ALIA, Royal Jordanian Airlines. He also worked with the Indian offices of Middle Eastern Airline (MEA), where he gained experience in various areas including ticketing, reservations and sales.[9] in 1974, with £500 from his mother, he set up his own agency named Jetair, representing the likes of Air France, Austrian Airlines and Cathay Pacific.[8]

In 1975, he was appointed regional manager of Philippine Airline in India.[9]

Naresh Goyal stepped down from the Board of Jet Airways along with his wife Anita Goyal on 25 March 2019 amid financial crisis in the airline and after two-thirds of fleet grounded.[12][13]

Money Laundering

In September 2019, the enforcement directorate of India questioned Goyal for investigating charges of foreign exchange violation against him.[14] He was detained and questioned for money laundering by ED in 2020.[15]

Jet Airways

In 1993, Goyal took advantage of the opening of the Indian economy by the Congress government led by PV Narasimha rao then PM of India and the enunciation of the Open Skies Policy by the Government of India to set up Jet Airways for the operation of scheduled air services on domestic sectors in India. Jet Airways commenced commercial operations on 5 May 1993.[11] Goyal founded Jet Airways (Private) Limited[16] with the objective of providing sales and marketing representation to foreign airlines in India.[11]

Goyal served on the Board of the International Air Transport Association (IATA) from 2004–2006. He was re-elected in 2008 with his tenure extending until June 2016.[11] Naresh Goyal stepped down from the Board of Jet Airways on 25 March 2019 along with his wife.

Personal life

Goyal met his wife, Anita, after she joined the company in 1979 as a marketing analyst and rose to become the head of marketing and sales. They married nine years later.[8] The couple together have a daughter and a son.

Awards

[11]

AwardYear
Entrepreneur of the Year Award for Services from Ernst & YoungSeptember 2010
Distinguished Alumni Award-2000 for meritorious and distinguished performance as an entrepreneurOctober 2000
Outstanding Asian-Indian award for leadership and contribution to the global community given by the Indian American Centre for Political AwarenessNovember 2003
Aerospace Laurels for outstanding contribution in the field of Commercial Air TransportApril 2000 and February 2004
The first BML Munjal Award for Excellence in Learning & Development in the Private Sector category6 January 2006
NDTV Profit Business Award 200628 July 2006
Accorded the prestigious TATA AIG – Lifetime Achievement Award8 September 2007
Travel Entrepreneur of the Year award at the 19th annual TTG (Travel Trade Gazette) Travel Awards25 October 2007
Man of the Year Award by the Aviation Press Club (APC)9 April 2008
Business Person of the Year award by UK Trade & Investment at the India Business Awards 20089 September 2008
CNBC TV18 India Business Leader Awards22 January 2009
International Entrepreneurs of the Year by the readers of Asian Voice27 February 2009
Lifetime Achievement Award of the Year by the Travel Agents Association of India (TAAI)August 2010
Hall of Fame honour from Hotel Investment Forum of India 2011January 2011
Belgium conferred the Commandeur of the Order of Leopold II, one of the country's highest civilian distinctionsNovember 2011
Amity Leadership Award for Business ExcellenceOctober 2012

References
  1. Joseph, Josy (2 October 2016). A Feast of Vultures—The Hidden Business of Democracy in India. Mumbai: Harper Collins.
  2. "Naresh Goyal".
  3. Sanjai, P.R. "Companies".
  4. Joseph, Josy (21 July 2016). "A jet propelled by Don Ibrahim". Outlook India. Retrieved 26 October 2018.
  5. "Jet Airways chief Goyal denies tax evasion". Business Standard. 20 January 2013. Retrieved 26 October 2018.
  6. "#16 Naresh Goyal". Forbes.com. Retrieved 25 July 2013.
  7. "The World's Billionaires - India". Forbes. Retrieved 7 September 2016.
  8. Teather, David (21 July 2006). "Naresh Goyal: Indian high-flyer with the world on his radar". The Guardian.
  9. Sanjai, P. R. "Newsmaker: Naresh Goyal".
  10. "Jet-Etihad deal; why Naresh Goyal and Rahul Bhatia must work together - The Economic Times".
  11. "Chairman's Profile at Jet Airways". Archived from the original on 29 May 2016. Retrieved 7 February 2016.
  12. "Jet Airways founder Naresh Goyal steps down amid crisis". BBC News. 25 March 2019. Retrieved 26 November 2020.
  13. "Jet Airways Chairman Resigns After Two-Thirds of Fleet Grounded". Bloomberg.com. 25 March 2019. Retrieved 26 November 2020.
  14. "Jet Airways founder Naresh Goyal questioned by ED - Times of India". The Times of India. Retrieved 6 September 2019.
  15. https://timesofindia.indiatimes.com/india/jet-ex-promoter-naresh-goyal-detained-by-ed-booked-for-laundering/articleshow/74483943.cms
  16. "The richest people in travel".
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