Jet Airways plans to continue with the onebrand strategy, and expects customer care to give an edge over low-cost carriers.
Twenty-five years ago, the Indian aviation sector was an entirely different game, with the domes-tic market restricted to the state-owned Indian Airlines. But, things were about to change. Naresh Goyal, who was a representative for some international airlines through his travel agency, Jet Air Private Limited, was all set to cash in on the impending boom in the sector.
Jet Airways was started as an air-taxi service, and J.R.D. Tata inaugurated its first flight, between Mumbai and Ahmedabad, on May 5, 1993. In the first year, it had a fleet of four leased Boeing 737-300 aircraft, operating 28 daily flights to 12 destinations. Today, it has a fleet of 119 aircraft, serving 65 destinations in India and overseas. Through partners, it connects 450 destinations.
Jet Airways was not the only one taking to the skies in the 1990s. But most others shut shop over the years for various reasons. “Jet set the standard for Indian aviation around the world,” said Vinay Dube, CEO of Jet Airways. “Almost every facet of the airline’s customer experience was new and an elevation of what to expect—be it a diversified network, the operating reliability, the customer experience and the broad set of partners. Also, what was unique was the sheer grit, determination and force of the ownership.”
In the beginning, Gulf Air and Kuwait Airlines held 20 per cent stake each in Jet, and the rest was held by Goyal. But, with the government forbidding foreign investment in Indian carriers, Goyal bought out the company in 1997. In 2013, after the sector was opened up for foreign carriers (up to 49 per cent investment was allowed), he sold a 24 per cent stake to Abu Dhabi-based Etihad Airways.
This story is from the June 10, 2018 edition of THE WEEK.
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This story is from the June 10, 2018 edition of THE WEEK.
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