Naresh Goyal is a name that was once considered as one of the most trustworthy and successful names in India's aviation sector. Termed as the 'Aviation Icon', Naresh was named as the 16th Richest Person In India back in 2005. It was back in 1993 when Naresh Goyal founded Jet Airways and quickly gained the reputation of giving high-quality service at affordable prices. With time and under the leadership of Naresh Goyal, Jet Airways became one of the largest airlines in India.
However, cracks soon started appearing in Jet Airways after its founder, Naresh Goyal, made some financial decisions that turned extremely sore and unsuccessful. In the beginning, it felt like Jet Airways was going through a tough time, and all the talks of them heading to an ultimate downfall were nothing but rumours. However, on March 25, 2019, when Naresh Goyal stepped down from the board of directors, it was confirmed that Jet Airways was on the edge of a complete closure.
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Luckily, it was renowned entrepreneur, Murari Lal Jalan, who joined hands with Kalrock, which is a famous asset management firm, and together they purchased Jet Airways with the aim to take it back to its former glory. Despite reports of the restart operation falling apart, some reliable publications reported that Jet Airways is expected to restart its operations in 2024 under the leadership of Murari Lal Jalan and Kalrock.
Only time will tell whether this partnership has everything that is needed to take Jet Airways back to the skies or not. Well, fingers are crossed for Jet Airways' future, but in the meantime, the airline's founder, Naresh Goyal's hope of living his last years in peace is fading with the passing of each day. For the unversed, it was in September 2023 when the ED (Enforcement Directorate) arrested Naresh Goyal on charges of a Rs. 538 crore fraud case at the Canara bank.
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For the unversed, Naresh Goyal is currently in Mumbai's Arthur Road Jail and is going through a lot of health-related problems. According to media reports, when the businessman was presented in court, he broke down in tears as he shared how much he misses his wife, who is also bedridden due to her battle against an advanced stage of cancer.
The businessman's whole body was reportedly trembling, Naresh Goyal added that he had lost every hope of life and wanted to die in jail. Sharing how he is unable to live in jail because of his deteriorating health, Naresh Goyal looked heartbroken as his bail plea is still in work.
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Well, Naresh Goyal's current situation looks quite frightening. But there was a time when he was ruling the aviation sector, and his inspiring story of building Jet Airways from scratch is still taught in many business schools. For the unversed, Naresh was born two years after India's independence on July 29, 1949, in Sangrur, Punjab. His father was a jewellery merchant but passed away when he was just 11.
Soon after his father's untimely demise, Naresh Goyal's family slipped into poverty. By auctioning their house, Naresh's mother got some money with which they survived, and she made sure that her son completed his education. As a result, he graduated with a Bachelor of Commerce degree from the famous Bikram College of Commerce in Punjab.
After graduating from Bikram College of Commerce, Naresh Goyal started working at his uncle's travel agency. It was his first job, and the youngster was earning Rs. 300 monthly. While working in his uncle's travel agency, Naresh Goyal associated with a series of airlines and started understanding the trade of aviation section. It was in 1969 when Iraqi Airlines appointed Naresh as its PR manager, taking his career to the next level.
In the coming years, Naresh Goyal served as a Regional Manager of Royal Jordanian and worked in the Indian office of Middle East Airlines. By the initial years of the 1970s, he had gotten into the skin of the aviation business, and it was in 1973 that he opened up his own travel agency by the name Jet Air Agency. For the unversed, Naresh took a loan of Rs. 15,000 from his mother to start his agency.
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It was in the early 90s when Naresh Goyal started air taxi for domestic operations and on May 5, 1993, Jet Airways started its operations. With a strong showing in the aviation market, in 2005, Naresh Goyal's net worth touched the mark of Rs. 8,000 crores. However, in the coming years, the former billionaire made a lot of changes in its strategies that led to the disastrous fall of Jet Airways.
From financial mismanagement, rising fuel prices, intense competition in aviation, and ineffective fleet strategy to labour issues, Jet Airways suspended its operations in April 2019. While the investigation in the Rs. 538 crore fraud case is still under process, his journey from Rs. 300 per month to a net worth of Rs. 8,000 crore is truly a perfect case study for every business enthusiast who needs to learn that business is not about building big but the art of sustaining big successes for a long time.
What are your thoughts on Jet Airways founder, Naresh Goyal's rise and fall? Let us know.
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