This is undoubtedly a great achievement for a man who first stepped into the aviation industry when he joined the Delhi-based Continental Travel — an agency floated by his mother's uncle. After a short stint there, Goyal established his own airline agency, Jetair.
Nursing greater ambitions, Goyal then went on to set up a domestic airline in India when the government opened up the skies to private players. Having staved tough competition from the state-owned behemoth Indian Airlines and rival private carriers such as East West Airlines, Jet today has established itself as one of the most profitable and successful airlines in India.
"Goyal never ran his airline," says Kapil Kaul, senior V-P, Centre for Asia Pacific Aviation. "I see him as a man who possessed a vision. Back in 1993, when other start-ups were inducting Boeing 737-200 aircroreaft, Goyal bought new generation Boeing 737-400s. He understood the value of quality and made sure that he hired the best professional talent in the international market."
Arun Natarajan is the Editor of TSJ Media, which tracks venture capital activity in India and Indian-founded companies worldwide. View sample issues of TSJ Media's Venture Intelligence India newsletters and reports.