Naresh Goyal: Journey from Travel Agent to Aviation Expert

Naresh Goyal, born on July 29, 1949, is an Indian businessman known for founding and chairing Jet Airways. Here’s a summary of key points from the provided information:

Early Life:

• Birth and Background: Naresh Goyal was born in Sangrur, Punjab, into a family involved in the jewelry business. His father passed away during his childhood.
• Education: He studied up to the sixth standard at Govt. Raj High School for Boys and later earned a Bachelor’s degree in Commerce from Govt. Bikram College of Commerce, Patiala.

Career:

• Entry into Travel Business: Goyal began his career as a cashier in his maternal uncle’s travel agency, East West Agencies, in 1967.
• Training and Experience: From 1967 to 1974, he underwent extensive training in the travel business and worked with various foreign airlines, gaining experience in ticketing, reservations, and sales.
• Entrepreneurial Venture: In 1974, with £500 from his mother, Goyal set up his own agency named Jetair, representing airlines like Air France, Austrian Airlines, and Cathay Pacific.
• Philippines Airlines: In 1975, he became the regional manager of Philippines Airlines in India.

Jet Airways:

• Foundation: In 1993, taking advantage of the opening of the Indian economy, Goyal founded Jet Airways with the objective of providing sales and marketing representation to foreign airlines in India.
• Commercial Operations: Jet Airways commenced commercial operations on May 5, 1993.
• Board Positions: Goyal served on the board of the International Air Transport Association (IATA) from 2004–2006 and was re-elected in 2010, with his tenure extending until June 2016.
• Resignation: Naresh Goyal and his wife stepped down from the Board of Jet Airways on March 25, 2019, amid a financial crisis.

Personal Life:

• Marriage: Goyal met his wife, Anita, when she joined the company in 1979. They married nine years later.
• Family: The couple has a daughter and a son.

Legal Issues:

• Financial Crisis and Resignation: In 2019, Goyal resigned from the Board of Jet Airways amid a financial crisis, with two-thirds of the fleet grounded.
• Money Laundering Investigation: Goyal faced questioning by the Enforcement Directorate in 2019 and 2020 for charges related to foreign exchange violation and money laundering.
• September 2023 Arrest: Goyal was arrested by the ED in September 2023 after being questioned for 8 to 10 hours. The arrest was based on an FIR filed by Canara Bank.