Jet-Etihad deal: A rewarding long-haul

From humble beginnings in the early 1970s as a general sales agent for a number of airlines to become the promoter of the first domestic airline to sell a stake to a foreign airline, it has been a long journey for Jet Airway’s promoter Naresh Goyal.

 In the process, Goyal has courted controversy. Questions have been raised over where the funding for his airline came from or how permission to fly international destinations came hours before his company listed on stock exchanges. His perceived ability to swing Government policy is another point that has given rise to much speculation.

Goyal, it is widely rumoured, was earlier not in favour of allowing foreign airlines to pick a stake in domestic carriers. But, now, he will be the first one to benefit from the policy change.

Goyal, who will turn 63 in July, has remained undeterred by all this.

Others who see Goyal in a different light talk of his humble nature. It is not uncommon to find him in the economy section of an aircraft of his airline if the business or first class section are full up with paying passengers.

Every one is agreed on thing though — Goyal, regarded as a superstitious person (he is known to make an imaginary ‘om’ on the aircraft that he is flying in) — is highly focused and ambitious. This is, perhaps, how he has managed to stay ahead.

 

Under him, Jet was the first private sector Indian carrier to set up a hub abroad, in Brussels in 2007. Jet, along with the now-defunct Air Sahara, was also the first to be allowed to fly on international routes. Goyal was also smart enough to take a cautious view when it came to ordering aircraft. He was the only one who called for restraint in the Indian market when everyone else was ordering aircraft to take advantage of the growing demand.

 It is said that Goyal has not missed a single IATA annual general meeting since the early 1970s. These meetings are attended by the who’s who of the global aviation industry. He is said to be on first name basis with most airline bosses and other movers and shakers in the industry.

Political support

Probably realising that no business can survive without the tacit support of the powerful, Goyal has managed to keep politicians across parties in good humour.

‘No’ is a word that does not exist in Goyal’s vocabulary be it for expanding his business or for his personal whims. There is this tale about how while on a tour of a western country, Goyal managed to get the waiter to rustle up a spicy Indian dish rather than what the restaurant was providing

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