Naresh Goyal
Naresh Goyal | |
|---|---|
| Born | July 29, 1949 Sangrur, Punjab, India |
| Occupation | Entrepreneur |
| Known for | Founder and former Chairman of Jet Airways |
Naresh Goyal (born 29 July 1949) is an Indian entrepreneur, recognized as the founder and former Chairman of Jet Airways.[1] He established Jet Airways in 1993, initially financed by Tail Winds Incorporated, based in the Isle of Man.[2] Following Jet Airways' 2005 IPO, Forbes listed him as the 16th wealthiest individual in India, with a net worth of .[3]
Early life
Goyal was born in 1949 in Sangrur, Punjab, into a family engaged in the jewellery trade. After the early demise of his father, he endured financial difficulties during his youth, which included the auctioning of the family residence. His formal education extended to sixth grade at Govt. Raj High School for Boys, followed by completion of a Bachelor of Commerce degree at Govt. Bikram College of Commerce, Patiala.[4]
Career
Beginning in 1967, Goyal’s professional journey started as a cashier at East West Agencies, a travel firm owned by his maternal uncle Seth Charan Das Ram Lal, where he earned Rs 300 monthly. Upon earning his Commerce degree, he continued in the travel industry, acting as General Sales Agent (GSA) for Lebanese International Airlines.
Between 1967 and 1974, he gained extensive experience within the travel sector through roles with multiple foreign carriers and undertook international business trips. In 1969, he was appointed public relations manager for Iraqi Airways. From 1971 to 1974, he held the position of regional manager for ALIA (Royal Jordanian Airlines). Additionally, he worked with Middle East Airlines’ offices in India, acquiring expertise in ticketing, reservations, and sales operations.
In 1974, using £500 provided by his mother, Goyal launched Jetair, representing airlines such as Air France, Austrian Airlines, and Cathay Pacific. The following year, he was named regional manager for Philippines Airlines in India.
On 25 March 2019, Naresh Goyal resigned from Jet Airways’ Board alongside his wife Anita amid a financial crisis that led to grounding two-thirds of the airline’s fleet. Subsequently that year, he faced restrictions on international travel.
Money laundering
In September 2019, the Enforcement Directorate (ED) interrogated Goyal concerning violations related to foreign exchange regulations. In 2020, he was taken into custody and investigated by the ED on allegations connected to money laundering.
September 2023 arrest
After undergoing questioning lasting between eight and ten hours in September 2023, Goyal was arrested by the Enforcement Directorate. An FIR was registered following a complaint from Canara Bank accusing him of bank fraud and money laundering.
Jet Airways
Utilizing the Indian government’s Open Skies Policy introduced under Prime Minister P. V. Narasimha Rao in 1993, Goyal founded Jet Airways to provide scheduled domestic air services. The airline officially began operations on 5 May 1993.[5] Initially operating as Jet Airways (Private) Limited, the company concentrated on representing foreign airlines’ sales and marketing interests within India.[5] Goyal was a board member of the International Air Transport Association (IATA) from 2004 until 2006 and was re-elected in 2010, serving until June 2016.[5] He stepped down from Jet Airways’ board on 25 March 2019 along with his wife.
Personal life
Naresh Goyal encountered his future wife, Anita, when she joined the firm in 1979 as a marketing analyst. Over time, she advanced to lead the marketing and sales departments. The couple tied the knot nine years later and are parents to two children.
Awards
| Award | Year |
|---|---|
| Ernst & Young Entrepreneur of the Year Award for Services | September 2010 |
| Distinguished Alumni Award recognizing entrepreneurial success | October 2000 |
| Outstanding Asian-Indian accolade from Indian American Centre for Political Awareness | November 2003 |
| Aerospace Laurels honoring contributions to Commercial Air Transport | April 2000, February 2004 |
| BML Munjal Award for Excellence in Learning & Development (Private Sector) | January 2006 |
| NDTV Profit Business Award | July 2006 |
| TATA AIG Lifetime Achievement Award | September 2007 |
| Travel Entrepreneur of the Year at TTG Travel Awards | October 2007 |
| Aviation Press Club Man of the Year Award | April 2008 |
| UK Trade & Investment Business Person of the Year at India Business Awards | September 2008 |
| CNBC TV18 India Business Leader Awards | January 2009 |
| International Entrepreneur of the Year as voted by Asian Voice readers | February 2009 |
| Lifetime Achievement Award from Travel Agents Association of India (TAAI) | August 2010 |
| Induction into Hotel Investment Forum Hall of Fame | January 2011 |
| Commandeur of the Order of Leopold II, Belgium’s prestigious civil honor | November 2011 |
| Amity Leadership Award for Business Excellence | October 2012 |
External links
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- Indian company founders
- Indian billionaires
- 1949 births
- Living people
- Airline founders
- Jet Airways people
- Businesspeople from Mumbai
- Indian aviation businesspeople
- 20th-century Indian businesspeople
- Businesspeople from Punjab, India
- People from Sangrur
- Pages with reference errors