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Latest Naresh Goyal Stories

2008-10-18 12:00:13

The chairman of India's Jet Airways says he's rescinding a move to cut 1,900 jobs because he couldn't stand to see his mostly young employees suffer. Naresh Goyal told reporters in New Delhi Friday that even though India's low-cost airline industry will lose a record $2 billion this year, he will attempt to save money other than by laying off the employees, many of whom are young women who flocked to the start-up airline, The Washington Post reported. "This was the most emotional day in my...

2008-10-17 12:00:17

The chairman of India's leading private airline Jet Airways, Naresh Goyal, has reversed plans to lay off 1,900 staff, but has not commented on whether the reinstated staff will have to take a pay cut. Mr Goyal has said that the sacking was not a result of its broad-based cost-saving alliance with another private airline, Kingfisher. He has also denied that the airline had reversed its decision due to political pressure. The airline's management had stated that it had to adopt job cuts as...

2008-10-17 09:00:15

India-based airlines Kingfisher and Jet Airways, which recently formed a cost-saving alliance, plan to send back 15 narrow-bodied leased aircrafts to the leasing companies, after their leases end later in 2008 and in 2009, according to media reports. Majority of the 15 leased aircrafts have been operating on international routes. The new move is expected to eliminate nearly 75 flights per day, which represents around 8% of the combined domestic flights. According to media reports, eight...

2008-10-14 12:00:21

Jet Airways and Kingfisher Airlines have signed an agreement for the formation of an alliance of wide-ranging proportions that will help both carriers to significantly rationalize and reduce costs and provide improved standards of service and a wider choice of air travel options to consumers with immediate effect. The scope of the alliance includes codeshares on both domestic and international flights subject to the Indian Directorate General of Civil Aviation (DGCA) approval,...

2008-10-13 18:00:19

Kingfisher Airlines Limited Dear Friends, The fundamentals for air transport in India remain sound. Our economic growth at a rate of more than 7.5 %, bears testimony to the fact that the prospect for air transport will also grow in the future. However, over the past six months, the Indian Aviation Industry has suffered due to high fuel prices, back-breaking taxation, excessive airport charges and over-capacity. Acquisitions, mergers and alliances are common world-wide...

2008-07-14 15:00:00

By Kushan Mitra Naresh Goyal may be the poster boy of India's post-reforms civil aviation industry, but the last year has not been a great one for him. First, several senior and middle managers quit Jet Airways to join liquor baron Vijay Mallya's Kingfisher Airlines, which has, within three years, stolen the limelight from Jet on service parameters. Worse still, after Mallya's acquisition of Air Deccan, the Kingfisher Airlines Group, with a share of 28.4 per cent of the domestic market, is...

2008-07-02 00:00:19

By Saurabh Sinha NEW DELHI: The days of high level connectivity across the country with a choice of reasonably-priced flights are numbered. Jet Airways chairman Naresh Goyal on Monday said Indian carriers have 30% excess capacity flights and are selling tickets 30% below break-even levels. And unless the industry, that collectively could lose as much as Rs 10,000 crore this fiscal, cut flights and raise average fares by 30%, the situation will remain "very bad," warned Goyal. "The 40-50%...


Word of the Day
omadhaun
  • A fool; a simpleton: a term of abuse common in Ireland and to a less extent in the Gaelic-speaking parts of Scotland.
This word is partly Irish in origin.