Naresh Goyal Wiki, Age, Wife, Family, Biography

Naresh Goyal

Naresh Goyal is an entrepreneur and founder of Indian international airline Jet Airways.

Wiki/Biography

Naresh Goyal was born on 29 July 1949 in Sangrur, Punjab, India (75 years; as of 2023). He received his education at Government Raj High School, Sangrur, Punjab. He received his Bachelor of Commerce degree from Government Bikram College of Commerce, Patiala, Punjab. When he was 11 years old, his family encountered an economic crisis and all their properties, including the house they owned, were auctioned off by the government and banks. His uncle supported him through college. Initially, Naresh wanted to pursue Chartered Accountancy, but due to financial constraints, he opted for a Bachelor of Commerce degree.

Naresh Goyal as a young man

Family, wife and caste

Naresh Goyal was born into a Punjabi Hindu family. His father was a jeweler and his mother was a housewife. He lost his father when he was a child. He has an elder brother, the late Surinder Kumar Goyal, who was the co-founder of Jet Air (travel agency).

Naresh Goyal’s mother

Naresh Goyal is married to Anita Goyal, who has been associated with Jet Airways since its inception and is also a Marketing Analyst; she passed away on May 16, 2024 after a battle with cancer. He has a daughter Namrata Goyal (director of the production house Filmstoc Private Limited) and a son Nivaan Goyal (board member of Jet Airways).

Naresh Goyal and his wife Anita Goyal

Naresh Goyal with wife (far left) and children

Profession

In 1967, after graduation, Naresh joined his uncle’s travel agency as a cashier. In 1969, for his dedication and hard work, Naresh was appointed as the Public Relations Manager of Iraqi Airways. He also served as regional manager for Royal Jordanian Airlines from 1971 to 1974. During this period, he gained experience in the areas of ticketing, reservations and sales and worked with Indian officials at Middle East Airlines.

Naresh Kumar appointed as regional general manager of Royal Jordanian Airlines

In 1974, Naresh borrowed some money from his mother and started his own travel agency with his brother Surinder Kumar Goyal and named it Czech Airlines. His agency represents sales and marketing for airlines such as Air France, Austrian Airlines and Cathay Pacific. In 1975, Naresh was appointed regional manager of Philippine Airlines, responsible for the airline’s commercial operations in India.

Naresh Goyal’s early life

In 1991, the Indian government announced the open skies policy. Naresh used this opportunity to start an airline. In 1992, his travel agency was transformed into Jet Airways. Jet Airways began nationwide operations on May 5, 1993, and by 2004, Jet Airways began operating international flights. In 2007, Jet Airways acquired Air Sahara and in 2010 it became India’s largest airline.

Jet Airways’ first aircraft

Naresh Goyal with Mr. Ali Ghandour, Board Member, Jet Airways

dispute

Connections to the Underworld Don Daoud Ibrahim

In the 2000s, a public interest litigation was filed against Naresh, alleging his links with underworld Don Dawood Ibrahim. The PIL said Jet Airways was funded by Dawood. However, Naresh was cleared by the government and given security clearance.

Daoud Ibrahim

money laundering case

In March 2020, he was charged with money laundering under the Foreign Exchange Management Act (FEMA) by the Enforcement Directorate (ED) for his involvement in suspicious transactions involving 19 private companies with which he was associated. On July 14, 2023, India’s Central Bureau of Investigation (CBI) filed an FIR against Goyal, his wife and several others, accusing them of committing a bank fraud worth Rs 1,000 crore. 538 crores. The Enforcement Directorate (ED) conducted raids on the residences of Naresh Goyal and his associates in Delhi and Mumbai on July 19, 2023. According to the charge sheet of the Enforcement Directorate, Naresh Goyal and his family members allegedly misappropriated loans from Canara Bank, public funds obtained as a business, for various purposes, including the purchase of four flats in Mumbai. On September 1, 2023, the Enforcement Directorate arrested Naresh Goyal after he was found guilty. On September 14, 2023, the court sentenced him to 14 days of judicial custody. On November 1, 2023, the Enforcement Directorate seized properties worth Rs 1,000 crore. Rs 538 crore belongs to Naresh and his family. The properties include residential units, bungalows and commercial buildings; the properties are located in London, Dubai and various cities in India. On May 6, 2024, the Bombay High Court granted him interim bail on health grounds.

Awards/Honors

India Icon Awards (Aviation) – Bharat International Travel Bazaar – 2016

Naresh Goyal receives Iconic India Award (Aviation) from Bharat International Travel Bazaar

Hall of Fame – Indian Hotel Investment Forum – 2011

Order of Commander Leopold II – Belgium – 2011

Annual Lifetime Achievement Award – Association of Indian Travel Agents – 2010

Indian Business Leadership Awards – CNBC TV18 – 2009

Person of the Year Award – Aviation Press Club – 2008

NDTV Profitable Business Awards – 2006

Entrepreneur of the Year Award – Ernst & Young – 2000

net worth

As of 2017, Naresh’s net worth is estimated at Rs 3,000 crore ($500 million)

fact

Naresh worked as a cashier in his uncle’s travel agency and his first salary was Rs 300 per month.

After his home was auctioned by the government, he moved to his uncle’s house. During his struggling days, Naresh often slept on the floor of his uncle’s office.

Naresh was appointed to the Board of Directors of the International Air Transport Association (IATA) from 2004 to 2006. He was re-elected in 2008 and served until 2016.