Success Stories

Founder And President of Jet Airways, Naresh Goyal Motivational Success Story From Rags To Riches

The humble travel agency Naresh Goyal became a business tycoon and was able to defeat some celebrities in the 1990s when the dreams of many entrepreneurs were drowned out.

By blogwriternisha

Founder And President of Jet Airways, Naresh Goyal Motivational Success Story From Rags To Riches

Naresh Goyal was born on July 2, 19 in Sangrur, Punjab and is the founder and president of Jet Airways, India's leading international airline. It is currently valued at 0.2 billion.

Naresh has 40 years of experience in the civil aviation industry and was once (during his career) the 16th richest Indian (2005).

There was a time when his family had auctioned off all their possessions and they had reached a point where they had the money or the house to survive! From bankruptcy at a young age to the founder and chairman of India's leading airline, Naresh has seen it all. If he says - goes ahead, do it. It has a literal meaning!

About Personal Life

Naresh is born in a jewelry store home! His father died as a child. He was educated with the Government in the sixth grade. Raj High School for Boys. His family faced a severe economic crisis when he was just 11 years old. Their home was also auctioned. He then lived with his mother's aunt.

His parents could not afford a bike because of financial crises due to which Naresh had to walk a few miles to school every day. He also wanted to become a Chartered Public Accountant but was forced to pursue a Bachelor of Commerce degree due to financial difficulties.

After graduating in Commerce in 1967, Naresh then joined the GSA Travel Group for Lebanon International Airlines. He was a travel agent for his uncle, Sid Charan Das Ram Lal, known as the East-West Agency. It started with a salary of £ 300 / p.m.

During this 7-year period, he underwent extensive training on all aspects of the travel industry through work with several foreign airlines. For the first three years, he was asleep in the office.

Beginning Of Jet Airways 

As an international aviation officer, Naresh saw the frustration of the Indian middle class with public airlines. So he decided to fix the problem and start doing something on his own with the experience, expertise, and technical know-how he had gained.

In 1974, Naresh founded Jetair (Private) Limited after borrowing £ 500 from his mother. The aim of the company was to provide commercial and marketing representation to foreign airlines in India. He has also been involved in the development of traffic models, route structures, business economics, and flight planning.

The following year, he was also appointed regional manager of Philippine Airlines in India and managed the airline's operations in India.



In 1991, the Indian government opened up the Indian economy and adopted the Open Skies policy. Naresh decided to seize this opportunity to create Jet Airways, a national airline.

And that's how the Jet Airways journey began!

On May 5, 1993 - Jet Airways began commercial operations. The airline was formed with the help of a group of Middle Eastern investors, including Gulf Air and Kuwait Air. The partnership with Gulf Airlines was no accident as there were a large number of Indians working in the area and the flights were only to major Indian cities. Naresh wanted to connect with small towns, create devices, and get cross-promotions.

He initially chartered four planes and learned from the airlines he admired. In the early years he was seen as the busiest, everyone, including Naresh, had to roll up their sleeves. The pilot can also clean the bathroom to keep the plane clean like the founders.

In its first year of operation, Jet Airways carried 730,000 passengers! In 2004, Naresh was also elected to the Board of Directors of the International Air Transport Association (IATA) from 2004 to 2006, later re-elected in 2008, a term that ended in June 2016. 

International routes were cleared from India at the end of the year and the plane took off with its maiden flight between Mumbai and London, followed by Delhi-London in 2005, the same year the company made another crossing. Milestone with its IPO. In 2007, the company also acquired Air Sahara for 500 500 million and relaunched it as JetLite.In the third quarter of 2010, Jet Airways was the largest airline in India with a passenger market share of 22.6%.

Taking advantage of the Indian government's FDI policy, Naresh-led Jet Airways successfully signed a strategic partnership agreement with Etihad Airways in 2013. 

The deal not only increased the required capital on Jet Airways' balance sheet but also benefited from the alliance's experience in managing global airlines.

This strategic investment is expected to provide significant revenue growth and cost harmonization opportunities for both airlines in the areas of operational coordination and cost savings, including fleet acquisition, maintenance, product development, and training. And so it was!

The company, which now has a fleet of 55 aircraft, has transported 10 million people and served a middle class in India. During this period [2013] the company had revenues of $ 1.4 billion (GBP 757 million).

 

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