End of an era in Indian aviation as Goyal bows out.
Jet Airways founder Naresh Goyal rose from humble beginnings to be undisputed king of India's skies. But now, at 69, massive debts have forced him to cede control of the pioneering airline he founded.
Goyal was born in Punjab state in 1949. His childhood was marked by financial hardship after his jewellery dealer father died young. The Mumbai-based carrier quickly gained a reputation for introducing new initiatives -- Jet was the first Indian airline to offer a frequent flyer programme and in-flight entertainment.Jet generated big profits and saw soaring passenger numbers as other private carriers, including Damania Airways, East-West Airlines and ModiLuft went bust.
Analysts trace the start of Jet's financial problems to its 2006 purchase of Air Sahara for $500 million in cash. Goyal reportedly ignored the advice of associates who said the cost was too much. "When low-cost airlines became the norm Jet continued to operate on a full-service line. Unfortunately towards the end Goyal could not keep up with a significantly changing aviation sector and business environment," said Pandurangi.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
From farms to slums, Indian women on sharp end of jobs crisisA few years ago, in this sweltering corner of western India, the horizon was dotted with hunched, barefoot women swinging sickles all day to cut wheat for the spring harvest. Chhaya Kharade, 36, and other women doing lighter farm work were gradually replaced by the machines that now crisscross wheat
Read more »
Founder of India's beleaguered Jet Airways quitsIndia's troubled Jet Airways said Monday that founder Naresh Goyal has stepped down as chairman and left the company board as part of a rescue plan.
Read more »
Indian tour companies offer 'election tourism' packages ahead of pollsIndia's frenetic cities, historical monuments, tasty food, and beautiful scenery may be among the biggest attractions for foreign tourists.
Read more »
Netizens outraged after public notice bears text in North Indian language instead of TamilSeveral netizens are expressing outrage after one Singaporean from the country's Indian community highlighted that a public notice circulating in the
Read more »
Indian state open for talks with Uber rival Ola over banThe southern Indian state of Karnataka kept the door open on Saturday to talks with local ride-hailing service Ola to avoid a ban that could help ...
Read more »
Body of Indian student killed in New Zealand attack returns homeThe body of an Indian student killed in the Christchurch mosque attacks was returned Monday to her grieving family in Kochi, where relatives remembered a bright young woman dedicated to her studies. Ansi Alibava, 25, was the first of at least five Indians shot dead by a white supremacist in New Zealand
Read more »
Indian girl, 12, 'raped and killed' by brothers, uncleNEW DELHI (AFP) - Two brothers have been arrested in India for allegedly raping their 12-year-old sister who was later beheaded with a sickle, police said Wednesday (March 20).. Read more at straitstimes.com.
Read more »
Indian girl, 12, 'raped and killed' by brothers, uncleTwo brothers have been arrested in India for allegedly raping their 12-year-old sister who was later beheaded with a sickle, police said Wednesday.
Read more »
Indian girl, 12, 'raped and killed' by brothers, uncleTwo brothers have been arrested in India for allegedly raping their 12-year-old sister who was later beheaded with a sickle, police said Wednesday. India has a grim record of sexual assaults on minors with more than 36,000 cases reported in 2016, according to latest available government data. A UN
Read more »
Malaysian carrying live human embryos detained at Indian airportMumbai—A Malaysian national has been detained at the Mumbai International Airport after it was discovered that he was carrying live human embryos in
Read more »