Jet Airways’ survival may rest on founder Naresh Goyal leaving the cockpit


Jet Airways Ltd’s 69-year-old founder Naresh Goyal, who started out as an assistant in a travel agency, wove together charm, persistence and consummate dealmaking to build India’s biggest full-service carrier.

Now, his penchant for control has emerged as a major obstacle as the indebted airline tries to negotiate a rescue deal, several people who have worked closely with him or known him over the years told Reuters on condition of anonymity.

“He was a visionary in his day but those days are behind us,” said a senior aircraft financier who has done deals with Goyal. “This is the moment of truth for Naresh Goyal.”

The rising dominance of low-cost carrier IndiGo in a price sensitive market as well as high oil prices, hefty fuel taxes and a weak rupee have left Jet strapped for cash and unable to pay employees and lessors on time. Read More

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