From Rs 15000 to Rs 8000 crore turnover, now the journey of Jet Airways will become zero

Jet Airways Update: Naresh Goyal had to face many difficulties since childhood. His father died when he was 11 years old. At that time, the financial condition of his family became so bad that he had to sell his house.

Supreme Court Order For Jet Airways: It was the beginning of the year 2024 when Jet Airways founder Naresh Goyal, who is serving a sentence in bank fraud, said in court that he would prefer to die rather than live. At that time, Naresh Goyal pleaded with folded hands in front of the judge and said 'I have lost all hope of life'. On the other hand, after the resolution plan of NCLAT, it was expected that the days of Jet Airways would change and this airline would be seen in the sky again. But the Supreme Court ordered the sale of the airline's assets. With this, the hope of Jet Airways starting again came to an end.

Naresh Goyal once used to work for Rs 300 a month

But amidst all this, the question is how did Jet Airways, an airline worth thousands of crores, reach this position? Actually, Jet Airways founder Naresh Goyal started the airline after coming out of his days of struggle. Not only this, he used to work for Rs 300 a month in the beginning. He even borrowed money to start the airline. Let's know about Naresh Goyal, who went from a job of Rs 300 to the country's renowned airline and then behind the bars of the jail.

Naresh Goyal started working at the age of 17

Naresh Goyal was born in 1949 in Sangrur, Punjab. His father was a jeweler. Naresh Goyal had to face many difficulties since childhood. His father died when he was 11 years old. At that time, the financial condition of his family became so bad that they had to sell their house. To help the family, Naresh Goyal started working at the age of 17-18. He worked in his uncle's travel agency at a salary of Rs 300 per month. In this way, Naresh Goyal started facing the challenges of life from a very young age.

Iraqi Airways made him PR manager

Naresh Goyal worked with many foreign airlines while working in a travel agency from 1967 to 1974. During this time he understood the nuances of travel related business and traveled to many countries. In 1969, Iraqi Airways made him their PR manager. After this, from 1971 to 1974, he worked as a regional manager in ALIA and Royal Jordanian Airlines. He also worked in Middle East Airlines, where he learned the nuances of travel business like ticketing, reservation and sales.

Started business with Rs 15,000

After learning the nuances of travel business, Naresh Goyal decided to start his own business. In 1974, he borrowed Rs 15,000 from his mother and opened a travel agency named 'Jet Air'. This agency worked for big airlines like Air France, Austrian Airlines and Cathay Pacific. This step of Naresh Goyal proved to be the first step towards success and his business started growing rapidly. In the early 90s, when the Indian economy was going through a difficult phase, the government decided to open the airline sector. Goyal took advantage of this opportunity and started air taxi service for domestic flights.

Jet Airways' first commercial plane took off in 1993

After starting the air taxi service, Goyal never looked back. In just two years, he had four planes. Then, on 5 May 1993, Jet Airways' first commercial plane took off and dominated the skies. In this way, Jet Airways started its services in domestic flights. Jet Airways made its place in the Indian market very fast. By the year 2002, it became the largest airline in India. At that time, it even left Indian Airlines behind.

Total assets increased to more than 8,000 crores.

In 2005, Jet Airways entered the share market. With this, the total assets of Naresh Goyal increased to more than 8,000 crores. The company issued its IPO and he joined the list of the richest people of the country. He was ranked 16th in Forbes' list. To expand the business, Naresh Goyal bought Sahara Airlines in 2006 for 1450 crores. In this deal, Jet Airways got 27 aircrafts and some international routes. However, this deal proved to be the beginning of trouble for Jet.

Naresh Goyal started a new airline by buying Sahara Airlines. But it spent a lot of money to compete with low-cost airlines. After this, the company suffered further losses due to rising oil prices. Due to these reasons, Jet Airways had to face financial crisis. What happened with Jet Airways was a big blow to the Indian aviation industry. After the closure of Kingfisher Airlines, Jet Airways got stuck in crisis. By the end of 2018, the company had a debt of about Rs 8500 crore to 25 banks. Naresh Goyal was put in jail on charges of bank fraud of Rs 538 crore.