Jet Airways gets govt nod to raise $400m

via QIP
Published on Thu, Dec 24, 2009 at 18:55 | Updated at Thu, Dec 24, 2009 at 19:21 | Source : CNBC-
TV18
www.otcreporter.com

Jet Airways has got an approval from the Cabinet Committee of Economic Affairs or
CCEA to raise USD 400 million via a QIP issue, reports CNBC-TV18’s Sonia Shenoy.

Here is a verbatim transcript of her comments on CNBC-TV18. Also watch the

accompanying video.

It comes as a huge relief for Jet Airways the market was waiting for this kind of deleveraging on
the balance sheet of Jet Airways.

The CCEA has approved the QIP of Jet Airways for USD 400 million to the tune of about Rs 2000
crore. This was pending for many months. The proposal was struggling for three months on
account purely that the Civil Aviation ministry had objected to the breaching of the FDI limit in the
company.

On the back of that there was lot of to and fro and negative news had come in as far as their QIP
was concerned, and it wasn’t allowed to go through.

The funds that they are planning to use that will be raised will be used to pare off their debt and
cash infusion into their latest affair Jet Konnect.

Consolidated debt

As of now their debt-equity ratio is more than 10 times as of FY10. Their consolidated debt is
about Rs 14,500 crore as of September’09 out of which Rs 10,300 crore is only the aircraft debt.

That is the kind of debt situation that they are sitting on right now and this equity infusion will
come in as a huge relief for the company particularly as far as de-leveraging as far as the balance
sheet is concerned.

If you do the math, the total dilution of 15-16% is expected and the holding of the principal
promoter Naresh Goyal will shrink from about 80% to 42% post this particular QIP issue.

The current payment obligation that they have in the next quarter is of USD 330 million. Earlier,
the FIPB had deferred Jet Airways plans for a long time. This comes as a relief as far as Jet
Airways’ cash infusion is concerned.

Also they have other plans to deleverage their balance sheet along with leasing a couple of their
aircrafts which will also help them gain some funds.

Airline companies are seeing a whole lot as far as cash flow is concerned and the only Achilles ’
heel for them has been the equity infusion into the company and the debt situation they are
currently sitting on. Apart from that the entire demand scenario is picking up, load factors picking
up and the cash flow situation is looking quite robust and even prices are seeing an upmove.
Analysts' views

When we speak to analysts and the experts we get the feeling that the debt is the biggest
concern in this sector. Although there is improvement in demand and sporadic movements as far
as load factors are concerned, capacity is concerned, this is all very momentary.

So a lot of analysts are still not gung-ho about the position. We just had a brokerage who came
out with a report saying although their call on the entire aviation sector was negative and although
there is some improvement they are seeing as far as the demand picture is concerned, load
factors are concerned, yet they are not quite positive until and unless the debt situation really gets
cleaned up in the books of some of these companies like Kingfisher and Spice.

Jet Airways is a big deal for them and only post some of this cleaning up of balance sheet gets
done, will they kind of reaffirm and believe more on the growth story for these companies.

Kingfisher, Jet Airways to raise Rs 2,500 cr via

various routes
Leading private airlines Jet Airways and Kingfisher Airlines (KFA) will raise around Rs 2,500
crore through various instruments shortly. Jet Airways said it will raise $400 million (nearly
Rs 1,955 crore).

The shareholders of the company would meet on September 24 in order to consider the
fund-raising proposal approved by the board of directors of the company, Jet Airways India
said in a filing to the Bombay Stock Exchange (BSE).

The company would raise $400 million by private placement of shares with qualified
institutional buyers or by Global Depository Receipts (GDRs), American Depository Receipts
(ADRs) and Foreign Currency Convertible Bonds (FCCBs), it said.

Jet shares rose by 1.25 per cent to Rs 263.10 on the BSE as the fund-raising plan hit the
market.

Kingfisher plans to raise $100 million (Rs 500 crore) through various instruments, including
global depository receipts (GDRs), subject to the approval of its shareholders. Following the
news of the company raising funds, its stock rose 1.05 per cent to close at Rs 48.20 on the
Bombay Stock Exchange on Monday.

Recently, the airline had announced the infusion of Rs 500 crore through a rights issue. In
April this year, United Breweries Holdings (UBHL), the investment holding company of the
UB Group, sought shareholders’ approval for hiking the limit on taking loans and providing
guarantees from Rs 7,500 crore to Rs 12,000 crore.

This was to provide corporate guarantee/securities for group company Kingfisher Airlines.

Meanwhile, it has also been decided at the board meeting to seek the approval of the
shareholders for an increase in the authorised share capital of the company from Rs 500
crore to Rs 1,000 crore and consequential amendments to the memorandum and articles of
association of the company.
Jet Airways, Kingfisher Airlines join hands to
cut costs
14 October 2008 @ 3:20 pm IST
Mumbai - India's two biggest airlines and bitter rivals, Jet Airways and Kingfisher Airlines,
have put aside their differences and joined hands to cut costs through code-sharing and
combining ticketing and ground services.

Kingfisher Airlines chairman and CEO Vijay Mallya (left) and Jet Airways chairman Naresh Goyal. India's two biggest airlines and bitter
rivals, Jet Airways and Kingfisher Airlines, have put aside their differences and joined hands to cut costs through code-sharing and combining
ticketing and ground services. (Reuters Photo)
1 of 1
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The two private sector airlines, Jet Airways and Kingfisher Airlines control
respectively about 30 percent and 29 percent of the market share of the Indian aviation
sector, have been seeing red for the past few months because of dwindling passenger traffic
and high fuel costs and are not expected to break even before 2010.

In their attempt to switch to leaner business models and cost-optimize their business
operations, the two airlines have decided to form an alliance in fields including fuel
management, ground handling, sharing of technical resources and crew for training and
cross-utilization on similar aircraft types, Jet Airways and Kingfisher Airlines said in a joint
statement.

"The proposed alliance between Jet Airways and Kingfisher is in the national interest by
incorporating the international best practice to strengthen the Indian aviation industry. The
alliance will also enable a stabilization of the Indian aviation industry in the larger public
interest for the benefit of the customer during the current downturn of the world economies,"
the statement said.
According to the agreement, the two airlines would also work jointly to rationalize network
and form synergies, provide reciprocity in their frequent fliers programs, and examine co-
branding opportunities.

The code-sharing pact and cross-utilization of crew on similar aircraft types and commonality
of training as also of the technical resources are subject to DGCA approval.

"Both Jet and Kingfisher fully realize that better understanding of supply and demand in this
capital and labor-intensive industry is the key to profitability," said Vijay Mallya, chairman and
CEO, Kingfisher Airlines.

"[This is] a meeting of minds and hearts," Mallya said. "We both are aware of the benefits
that the alliance will bring. We both recognize the economic reality and the growth
opportunities and that is why we came together to save costs and tide over the economic
crisis. This is a meeting of minds and hearts and our relationship will continue for a long time.
The alliance would be a quantum leap forward. It would benefit customers of both Jet
Airways and Kingfisher through fully realized network and better understanding."

"I look forward to this alliance delivering superior quality, cost savings, flexibility and
enhanced consumer value which is the hallmark of all successful alliances," he added.

"There will be huge cost savings and revenue enhancement opportunities arising from this
alliance," said Jet Airways chairman Naresh Goyal.

"All of us are loss-making airlines. The airline industry has been going through trouble and
we do not want a situation where we might be forced to go back to a state-owned monopoly,"
he said.

According to Goyal, airlines worldwide are entering alliances to cut costs and optimize their
business operations. "All over the world airlines have formed alliances in order to become
more efficient, improve revenues and provide seamless travel opportunities for their
customers. If Lufthansa and Continental of the US can do it, and if British Airways and
American Airline can forge ties, why can't we do the same in India?" he asked.

"It is not a cartel. We are coming together to cut costs. It is for the first time two major Indian
carriers are coming together in difficult times. The Jet Airways-Kingfisher alliance represents
a completely new industrial model for aviation in India which would be based on an
unprecedented depth of co-operation between the two companies," he added.
The two airlines are not expected to invest anything in their new alliance and will retain their
separate legal and brand entities, a senior Jet Airways official said.

Both Goyal and Mallya are likely to meet Union Civil Aviation Minister Praful Patel today and
discuss the details of their new alliance.

The alliance comes at a time when the aviation sector is facing the prospect of raking up
huge losses during the current fiscal year.

According to Kapil Kaul, CEO of Sydney-based aviation consultant Center for Asia Pacific
Aviation's (CAPA) Indian unit, the alliance indicates that "the industry is going through such a
negative environment [and] it needs such unusual moves.''

"Two competitors becoming collaborators gives out a big message about this. It's an
admission of the current financial reality of the industry," Kaul said.

In June, CAPA warned that losses incurred by the Indian aviation industry could surpass $2
billion in the present fiscal year and "shock almost everyone" even as soaring fuel costs and
economic turmoil hit passenger numbers. Last year, the industry ended up with losses of
over $1 billion.

Aviation Minister Praful Patel also voiced his concerns in June, urging ministers and oil
companies to find ways of bailing out the domestic air carriers.

India's aviation sector is "at a crossroad" and "it is a matter of time before this dynamic
sector becomes unhealthy," Patel said, warning that if "a vital sector like aviation go belly
up...it will have a cascading effect or multiplied effect on the entire economy."

Patel met state finance ministers on June 16 and convinced some of them to bring down or
scrap sales tax on aviation turbine fuel (ATF) from the present 4-30 percent charged by the
states.

The Federation of Indian Airlines has already appealed to the government for $1 billion
financial assistance and regulatory changes to help carriers pare their losses.

However, KPMG feels that the carriers have little prospect of getting the relief they seek and
said that India's loss-making aviation sector should be ready to accept rising aviation turbine
fuel (ATF or jet fuel) as a way of life at a time when global crude oil prices are touching
record high levels.
Instead of exiting the sector, the carriers get theirs acts together and begin getting leaner so
that they can even rake in profits, Mark D. Martin, senior adviser for aviation at KPMG, said.

Both CAPA and KPMG do not expect the Indian aviation sector to break-even before 3-5
years from now and till then, both have suggested the carriers to get their act together and
improve their operational performance by switching to leaner business models and cost-
optimizing their business operations.

However, despite rising inflation and slowdown of economic growth, KPMG is optimistic
about India's aviation sector, projecting air traffic in India to rise to between 242.34 million
and 313.72 million by 2012 from the current 116 million.

As of now, most airlines, which are suffering losses in millions of dollars every day, are in a
dilemma as hiking airfares could lead to dwindling of passengers and losing them out to
Indian Railway which charges lower priced train fares.

For the time being, most domestic airlines have resorted to exiting loss-making routes,
issuing e-tickets, charging for items such as snacks and checked luggage, and raising funds
to cut their losses and stay afloat. Some, however, have also hiked fuel surcharges to offset
high ATF rates and are also mulling to do away with the 5 percent commission paid to travel
agents.

ABOUT JET AIRWAYS

Since its first flight in 1993, Jet Airways has come a long way and is now the market leader in
aviation industry, with over 380 flights daily to 44 destinations in India.

Jet Airways also operates flights to 20 international destinations including Hong Kong,
Singapore, Kuala Lumpur and Bangkok in South East Asia, Abu Dhabi, Dubai and Muscat in
the Middle East, London and Brussels in Europe, and New York and San Francisco in the
US.

Jet Airways currently operates a fleet of 85 aircraft comprising 54 classic and next generation
Boeing 737-400/700/800/900 aircraft, 10 Boeing 777-300ER, 10 Airbus A330-200 aircraft
and 11 modern ATR 72-500 turboprop aircraft. With an average fleet age of 5.3 years, the
airline has one of the youngest aircraft fleet in the world.

Last year, it purchased rival air carrier Air Sahara for approximately $325 million.
ABOUT KINGFISHER AIRLINES

Kingfisher Airlines is India's first and only "5-Star" airline and the only one to offer a premium
first class service on domestic routes. Besides being the first and the only airline to offer in-
flight entertainment on every seat in the domestic skies, Kingfisher Airlines offers LIVE TV
with 16 channels of live and exciting content. Kingfisher Airlines has received numerous
awards for innovation, customer responsiveness and was voted the "Best New Airline of the
Year" within months of its launch. Kingfisher Airlines is part of The UB Group, which is one of
India's largest conglomerates with diverse interests and a global presence. The UB Group is
also the largest Indian manufacturer of beverage alcohol (beer & spirits) and the second
largest drinks Group in the world.

With the merger of Kingfisher Airlines and India's leading low budget airline Air Deccan, in
which Kingfisher acquired majority stake last year for approximately $225 million, the airline
covers all segments of air travel from low fares to premium fares and offers the maximum
number of flights offered by any single airline network in India. The combined entity now
connects 64 cities and has 442 daily departures.

India's finest international airline.

Giving the world a better choice in the skies.
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started on 9th may 2009
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Konnect has dedicated
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Mangalore, Mumbai,
Pune, Udaipur, Vadodara.

Designed to cater to the

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opting for low-fare
services, Jet Konnect
offers regular flights in
sectors like Chennai-
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With over 65 destinations, we connect a place every 5 minutes.

Jet Airways has come a long way since its first flight in 1993. It's one of the fastest
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better!

Jet Airways operates flights to 20 international destinations, offering you a better choice
in the skies.

We fly to the following international destinations. Click on a destination to know more.

International Destinations
Abu DhabiColombo Dubai Kuwait Riyadh / Jeddah
Bahrain DammamHong Kong London Heathrow Singapore
Bangkok Dhaka Kathmandu Muscat Toronto
Brussels Doha Kuala LumpurNew York / Newark
 •
Chairman's Profile
Naresh Goyal (60), the founder Chairman of Jet Airways, India's premier airline, has
over 38 years of experience in the Civil Aviation industry. He is the recipient of several
national and international awards.

After graduating in Commerce in 1967, Mr. Naresh Goyal joined the travel business with
the GSA for Lebanese International Airlines. From 1967 to 1974 he underwent extensive
training in all facets of the travel business through his association with several foreign
airlines. He also extensively travelled overseas on business during this period.
With the experience, expertise and technical know-how thereby acquired, in May 1974,
Mr. Naresh Goyal founded Jetair (Private) Limited with the objective of providing Sales
and Marketing representation to foreign airlines in India. He was involved in developing
studies of traffic patterns, route structures, operational economics and flight scheduling,
all of which has made him an authority in the world of aviation and travel.
In 1991, as part of the ongoing diversification programme of his business activities, Mr.
Naresh Goyal took advantage of the opening of the Indian economy and the enunciation
of the Open Skies Policy by the Government of India to set up Jet Airways for the
operation of scheduled air services on domestic sectors in India. Jet Airways commenced
commercial operations on May 05, 1993.
Mr. Goyal has been re-elected to IATA Board of Governors for the year 2008-09.He has
earlier served on the Board of Governors of the International Air Transport Association
(IATA), from 2004-2006.
In 16 years, Jet Airways has emerged as India's largest private domestic airline and has
been acclaimed by frequent travellers as the most preferred carrier offering the highest
quality of comfort, courtesy, standards of ground and in-flight services and reliability of
operations. Jet Airways currently operates a fleet of 10 - Boeing 777-300 ERs, 48 New
and Next-Generation Boeing 737s, 12 Airbus A330-200 aircraft and 14 ATR72-500s
turbo-prop aircraft. With over 330 daily flights, the Airlines network connects 63
destinations, of which nineteen are international, i.e. New York (both JFK and Newark),
Toronto, Brussels, London, Singapore, Kuala Lumpur, Hong Kong, Bangkok, Abu
Dhabi, Riyadh, Jeddah, Bahrain, Kuwait, Muscat, Doha, Colombo, Kathmandu and
Dhaka.
Jet Airways has been voted India's "Best Domestic Airline" by several organisations of
world-class repute. The airline has also been conferred with several national and
international awards instituted by leading organisations including the Market
Development Award for 2001 of Air Transport World (ATW) of USA. Jet Airways has
also won the 'Service Excellence Award' hosted by Global Managers at Mumbai. Mr.
Goyal in his capacity as Chairman, Jet Airways has won the 'Entrepreneur of the Year
Award for Services' from Ernst & Young and also 'Distinguished Alumni Award-2000'
for meritorious and distinguished performance as an Entrepreneur' and also the 'Most
Respected Company in Travel and Hospitality Sector'. Other awards conferred on Mr.
Goyal include the 'Outstanding Asian-Indian' award for leadership and contribution to the
global community given by the Indian American Centre for Political Awareness,
'Aerospace Laurels' for outstanding contribution in the field of Commercial Air Transport
twice, in April 2000 and February 2004.The airline has also been given the 'Pride in
Excellence' award from Boeing Company for maintaining the highest Technical Dispatch
Reliability for the second year in succession in April 2004.In August 2003, the airline
was awarded the 'Superbrand' status by the world's leading authority on branding, the
Superbrands Council.
Jet Airways with the acquisition of JetLite, today has a combined fleet strength of 107
aircraft and offers customers a schedule of over 444 flights daily.
In July 2005, Business Week selected Chairman, Naresh Goyal as one of the five leaders
from India in their Asia Edition cover story "Stars of Asia - 25 Leaders at The Forefront
of Change."
Chairman, Naresh Goyal received the first BML Munjal Award for Excellence in
Learning & Development in the Private Sector category from the Honourable Minister
for Civil Aviation, Shri Praful Patel along with a citation at a special function at Hotel
Maurya Sheraton, New Delhi on January 6, 2006.

The Prime Minister, Dr Manmohan Singh presented the first NDTV Profit Business
Award 2006 to Jet Airways, which was received by the Chairman, Naresh Goyal at a
glittering function at Taj Palace Hotel on July 28, 2006. The award, in the aviation
category, is to salute the men and women who fuel India's journey to the forefront of the
World Economy.
Chairman, Naresh Goyal was accorded the prestigious TATA AIG - Lifetime
Achievement Award at the Abacus-TAFI Awards ceremony organized during the TAFI
(Travel Agents' Federation of India) International Travel Convention 2007, on Saturday
8th September, 2007 at the Sutera Harbour Resort in Kota Kinabalu, Malaysia.
Chairman, Naresh Goyal, was conferred with "Travel Entrepreneur of the Year" award at
the 19th annual TTG(Travel Trade Gazette)Travel Awards. The awards were presented at
a glittering ceremony and gala dinner on Thursday 25th October, 2007 at the Sofitel
Centara Grand, Bangkok.
Chairman, Naresh Goyal was awarded the prestigious "Man of the Year Award" by the
Aviation Press Club (APC) at its 30th Anniversary on Wednesday, April 09, 2008, in
Belgium. The Aviation Press Club is an influential club of Belgian Aviation Journalists.
Mr. and Mrs. Goyal have also received the "International Entrepreneurs of the Year"
award at the house of commons, UK . The award was presented by Rt Hon Geoff Hoon
MP, UK Secretary of State for Transport, before an august gathering of British
parliamentarians and other distinguished guests at the House of Commons, as part of the
Asian Voice Political and Public Life Awards2008.
Board of Directors
Mr. Naresh Goyal, a non-resident Indian national, is the chairman of the Company. He
is also the chairman of the Board of Directors. Mr. Goyal holds a Bachelors of
Commerce degree and after completing his education in 1967, Mr. Goyal joined the
travel business and underwent extensive practical training with several foreign airlines.
Mr. Naresh Goyal has more than 38 years of experience in the civil aviation industry.
Immediately after graduation in Commerce in 1967, Mr. Goyal joined the travel business
with the General Sales Agents for Lebanese International Airlines. Subsequently, Mr.
Goyal was appointed the Public Relations Manager of Iraqi Airways in 1969 and from
1971 to 1974 was the Regional Manager for ALIA, Royal Jordanian Airlines. During this
period, Mr. Goyal also worked with the Indian offices of Middle Eastern Airline (MEA)
where he gained experience in various areas including ticketing, reservations and sales.
During this period, he underwent extensive training in all facets of the travel business and
undertook considerable international travel on business. He was thereafter appointed
Regional Manager of Philippine Airlines where he handled the commercial operations of
the airline in India. With the wide experience, expertise and technical know-how Mr.
Goyal acquired, he founded Jetair Private Limited (then known as Jetair Transportation
Private Limited) in 1974 with the objective of providing sales and marketing
representation to foreign airlines in India. Shortly thereafter in 1975, he was appointed
Regional Manager of Philippine Airlines in India.
In Jetair, Mr. Goyal was directly involved in marketing studies and traffic development in
the Far East, Middle East, and Europe, the U.K. and the U.S.A. Mr. Goyal has also been
involved in developing studies of traffic patterns, route structures, operational economies
and flight scheduling, all of which have made him an authority in the world of aviation
and travel.

As Chairman of the GSA company, Jetair Private Limited and the other promoter group
companies such as International Cargo Carriers Limited, National Travel Service and
France Air Ltd. he has imparted expertise to these companies and further refined his
knowledge of the operation of passenger and cargo services and promotion and
development of tourism.
In 1992, as part of the ongoing diversification of his business interests, Mr. Goyal caused
to be promoted our Company for operating scheduled air services in India.

Mr. Goyal in his capacity as Chairman, Jet Airways has won the 'Entrepreneur of the
Year Award for Services' from Ernst & Young and also 'Distinguished Alumni Award-
2000' for meritorious and distinguished performance as an Entrepreneur and also the
'Most Respected Company in Travel and Hospitality Sector'. Other awards conferred on
Mr. Goyal include the 'Outstanding Asian-Indian' award for leadership and contribution
to the global community given by the Indian American Centre for Political Awareness,
'Aerospace Laurels' for outstanding contribution in the field of Commercial Air Transport
twice, in April 2000 and February 2004. The airline has also been given the 'Pride in
Excellence' award from Boeing Company for maintaining the highest Technical Despatch
Reliability for the second year in succession in April 2004. In August 2003, the airline
was awarded the 'Superbrand' status by the world's leading authority on branding, the
Superbrands Council.
In July 2005, Business Week selected Chairman, Naresh Goyal as one of the five leaders
from India in their Asia Edition cover story "Stars of Asia - 25 Leaders at The Forefront
of Change."
Chairman, Naresh Goyal received the first BML Munjal Award for Excellence in
Learning & Development in the Private Sector category from the Honourable Minister
for Civil Aviation, Shri Praful Patel along with a citation at a special function at Hotel
Maurya Sheraton, New Delhi on January 6, 2006.
Chairman, Naresh Goyal was accorded the prestigious TATA AIG - Lifetime
Achievement Award at the Abacus-TAFI Awards ceremony organized during the TAFI
(Travel Agents' Federation of India) International Travel Convention 2007, on Saturday
8th September, 2007 at the Sutera Harbour Resort in Kota Kinabalu, Malaysia.
Chairman, Naresh Goyal, was conferred with "Travel Entrepreneur of the Year" award at
the 19th annual TTG(Travel Trade Gazette) Travel Awards. The awards were presented
at a glittering ceremony and gala dinner on Thursday 25th October, 2007 at the Sofitel
Centara Grand, Bangkok.
Chairman, Naresh Goyal was awarded the prestigious "Man of the Year Award" by the
Aviation Press Club (APC) at its 30th Anniversary on Wednesday, April 09, 2008, in
Belgium. The Aviation Press Club is an influential club of Belgian Aviation Journalists.
Mr. Goyal has been re-elected to IATA Board of Governors for the year 2008-09. He has
earlier served on the Board of Governors of the International Air Transport Association
(IATA), from 2004-2006.

Mr. Ali Ghandour, a Jordanian national, has been a Director of the Company since
February 1998. Mr. Ghandour is a qualified aeronautical engineer from New York
University, U.S.A. Mr. Ghandour has over 50 years of experience in the civil aviation
industry. He was an advisor to the late King Hussein of Jordan and was earlier the
Chairman of the Royal Jordanian Airlines. He has also been associated with the
development of a number of airlines in the Middle East.
Mr. Victoriano P. Dungca, an American national, has been a Director of the Company
since January 1999. Mr. Dungca holds an MBA from Cornell University, U.S.A. and is a
Certified Public Accountant from the U.S.A. Mr. Dungca has had a long and
distinguished career with Philippine Airlines and retired as its Executive Vice President.
He is currently a financial advisor based in California, U.S.A.
Mr. Javed Akhtar, an Indian national has been a Director of the Company since March
1993. Mr. Akhtar holds a Bachelor of Arts degree. Mr. Akhtar is a well-known poet,
lyricist, screenplay and scriptwriter and is a famous media personality. Mr. Akhtar has
won the Filmfare Award thirteen times, and is a five-time National Award winner for the
best lyricist.
Mr. Iftikar M. Kadri, an Indian national, has been a Director of the Company since
February 2000. Mr. Kadri holds a Bachelors degree in Engineering from Pune University.
He is a member of the Council of Architecture, New Delhi and a Fellow of the Indian
Institute of Architects and a fellow of the Indian Institute of Interior Design. Mr. Kadri
set up his practice as an architect in 1960 and is actively involved with the problems
relating to rebuilding of dilapidated buildings in Mumbai and exploring technological
solutions for mass housing schemes. He was also a member of the Steering Committee
appointed by the Government of Maharashtra to suggest strategies for solving the
housing problems of Mumbai. Mr. Kadri was awarded a citation in 1993 as an
Outstanding Architectural Engineer by the Institution of Engineers in India. He is also the
general secretary of the prestigious Nehru Centre in Mumbai.
Mr. Aman Mehta, an Indian national, has been a Director of the Company since
September 2004. Mr. Mehta holds a Bachelors degree in Economics from Delhi
University. He joined the HSBC group in 1968. He subsequently held several senior
positions with the HongKong Shanghai Banking Corporation and was appointed Chief
Executive Officer of HSBC Asia Pacific in January 1999, a position he held until his
retirement in December 2003. Mr. Mehta is also a member of the governing board of the
Indian School of Business, Hyderabad, and of the Indian Council for Research and
International Economic Relations, New Delhi. Mr. Mehta serves as an independent
director on the boards of several companies in India as well as in the UK, Hong Kong and
Singapore.
Mr. Yash Chopra, an Indian national, has been appointed a Director of the Company
since April 2006. Mr. Chopra has had a distinguished career spanning over five decades
in the Indian film industry. His work has been recognized in India and overseas and he
has received several prestigious awards for his outstanding contribution to Indian
Cinema. These include the National and Filmfare awards, the BBC Asia Awards (in 1998
and 2001), the Dr. Dadabhai Naoroji Millennium Lifetime Achievement Award (in
2001), the Dadasaheb Phalke Award (in 2001) and the Priyadarshini Award to name a
few. Mr. Chopra has also been awarded a Certificate of Recognition from the British
Tourist Authority and British Film Commission for promoting tourism in the U.K.
through his films. In 2005, Mr. Chopra was conferred the Padma Bhushan, one of the
Country's highest civilian honours.
Mr. Saroj K. Datta (69), Executive Director, Jet Airways (India) Ltd., completed his
education at St. Stephen's College, Delhi, with a post-graduate degree in Economics.
After a two-year stint at the National Council of Applied Economic Research (NCAER)
in New Delhi, Mr. Datta joined Air-India in November 1962. During his tenure with Air-
India, Mr. Datta worked in various sections of the Commercial and Planning Departments
of the airline. In 1980, he was appointed Deputy Director, Planning and International
Department with overall charge of the Department. Mr.Datta joined Kuwait Airways in
1987 as the Planning and Economic Advisor. He returned back to India in September
1990 following the Iraqi invasion of Kuwait. In early 1991 he joined the Jetair Group of
Companies, India's largest General Sales Agent, in Mumbai as its Executive Director.
Since early 1992, Saroj Datta has headed the Jet Airways project to set-up a private
domestic airline conceived by Mr. Naresh Goyal, Chairman of the Jet Airways group
following the liberalisation of the Civil Aviation Policy by the Government of India.Mr.
Datta has brought to bear his many years of aviation experience into this project. Assisted
by a group of dedicated professionals, Mr. Datta has meticulously coordinated the various
activities leading to the setting-up of the airline culminating in the launch of Jet Airways,
a leading private domestic airline in India on May 5, 1993. Mr. Datta is a member of the
Board of Jet Airways and is the Executive Director of the airline.
Awards 2009

Jet Airways receives The Best Long Haul Carrier ex-Brussels award at the Tm
Travel Awards 2009
Month: November 2009
Jet Airways, India’s premier airline, was awarded the title of “Best Long Haul Airline
from Brussels” at the recently held TM Travel Awards 2009 ceremony at Antwerp.
Nearly 800 leading Belgian travel agents participated in the voting ceremony to elect a
winner in each category. Jet Airways, who recently celebrated its second successful year
of operations at the Brussels hub, won the prize for the best long haul airline from
Brussels. The Runner ups were Brussels Airlines and Etihad Airways.
Jet Airways wins the prestigious ‘Best Eastbound Airline from India’ and ‘Best
domestic Airline in India’ awards at the Abacus Tafi Awards 2009
Month: October 2009
Jet Airways, India’s premier international airline, has received two awards in the ‘Best
Eastbound Airline from India’ and ‘Best Domestic Airline in India’ categories at the
second edition of the prestigious Abacus- TAFI (Travel Agents Federation of India)
Awards at the Le Meridien, Chiang Mai, Thailand, on October 23, 2009.The awards were
collected on behalf of Jet Airways by Mr. Gilbert George, Senior General Manager Sales,
India.
Jet Airways Wins Business Traveller’s ‘Best Indian Airline’ Award In London
Month: September 2009
Jet Airways, India's premier international airline, was awarded the accolade of ‘Best
Indian Airline’ at the prestigious Business Traveller Awards, on Monday September 21st,
2009 at a star-studded ceremony in London's Hilton on Park Lane. This year's awards
were presented by British adventurer Sir Ranulph Fiennes, who conquered Mount Everest
earlier this year at the age of 65. Nearly 450 industry leaders were present at this special
event.
Jet Privilege wins Freddie Awards accolades 5th year in a row
Month: April 2009
Jet Airways’ JetPrivilege, India’s largest and most recognized frequent flyer programme,
has been honoured at the prestigious Freddie Awards for the fifth year in a row, having
emerged victorious again in the ‘Best Elite Level’ category, for the second year in a row,
at the 21st Annual presentation ceremony of the Freddie Awards 2008, in Fort
Lauderdale, Florida, USA on April 23, 2009.
Naresh and Anita Goyal receive “International Entrepreneurs of the Year” award
at the house of commons, UK
Month: February 2009
Naresh Goyal, Founder Chairman Jet Airways, and his wife Anita (Neeta) Goyal,
Executive Vice President Revenue Management and Network Planning for India’s
premier international airline, have been voted “International Entrepreneurs of the Year”
by the readers of Asian Voice, the highest circulation newspaper among the Asian
Community in the UK.
Jet Airways wins customer and brand loyalty award for the second consecutive time
Month: January 2009
Jet Airways, India’s premier international airline, has won the coveted Customer and
Brand Loyalty award in the Commercial Airlines Sector (Domestic), at the second
Loyalty Awards.

Awards 2007 - 2008

Airline with Best First-Class Service in the World

Month: December 2008
Jet Airways has been voted as the ‘Airline with Best First-Class Service in the World’, by
readers of the prestigious Business Traveler magazine, at the 20th Annual ‘Best in
Business Travel’ Awards.
2008 Galileo Express Travelworld ‘Best Domestic Full Service Airline’ Award
Month: December 2008
Jet Airways, India’s premier international airline, was honoured with the 2008 Galileo
Express TravelWorld ‘Best Domestic Full Service Airline’ award at a glittering function
at the Grand Hotel, Delhi on December 10, 2008.
Best Cargo Airline of Central Asia
Month: May 2008
Jet Airways, India’s premier international airline, has won the ‘Best Cargo Airline of
Central Asia’ at the prestigious Cargo Airline of the Year Awards, held at the Royal
Lancaster Hotel, London.
JetPrivilege wins Top Honours with Seven Awards at the prestigious Freddie
Awards 2007
Month: April 2008
Jet Airways wins the Coveted ‘Program of the Year’ for the Second Year consecutively.
JetPrivilege, India’s largest and most recognized frequent flyer programme, won 9
Freddie Awards at the 20th Annual presentation ceremony of the Freddie Awards 2007,
held in Wyndham Phoenix, USA on April 24, 2008.
Jet Airways Chairman Naresh Goyal declared 'Man of the Year' by the Belgian
Aviation Press Club
Month: April 2008
Jet Airways' Chairman Naresh Goyal has been presented with the prestigious 'Man of the
Year' award by the Belgian Aviation Press Club (APC). The Aviation Press Club is an
influential club of Belgian aviation journalists that celebrates its 30th anniversary this
year.
Best Airline in Central / South Asia & India
Month: January 2008
Jet Airways has been voted the Best Airline in Central/South Asia & India in an annual
Global Traveler magazine survey. The survey, conducted among readers of the magazine,
identifies the best in business and luxury travel - and is one of the most respected of its
kind.
Award for Customer & Brand Loyalty in the 'Commercial Airlines Sector
(Domestic)'
Month: January 2008
Jet Airways has won the Award for Customer & Brand Loyalty in the “Commercial
Airlines Sector (Domestic)”, at the IndiaTimes Mindscape and Savile Row ( A Forbes
Group Venture ) Awards ceremony , held at the Taj Lands End Mumbai, on 22nd January
2008.
Jet Airways wins two awards at the Avaya GlobalConnect Customer
Responsiveness Awards 2007 ceremony
Month: January 2008
Jet Airways , for the second time, has won 2 awards at the prestigious Avaya
GlobalConnect Customer Responsiveness Awards 2007 ceremony , on January 18th
2008, held at the Taj Land's End, Mumbai.
Jet Airways wins Double Honour at the 18th TTG (Travel Trade Gazette) Travel
Awards
Month: October 2007
Jet Airways, India's premier airline, has bagged two prestigious awards at the 18h annual
TTG Travel Awards. While Jet Airways won the "Best Domestic Airline" award for the
fourth consecutive year and the fifth time in the past six years, the evening also saw the
"Travel Entrepreneur of the Year" award conferred on Mr. Naresh Goyal, Chairman, Jet
Airways.
Genius of the Web Awards 2007 for the Best Airlines website
Month: October 2007
Jet Airways website, jetairways.com, was awarded the prestigious Genius of the Web
Awards 2007 for the Best Airlines website. The awards were organized by Web 18, a part
of the esteemed Network 18 group.
Jet Airways' Chairman Mr. Naresh Goyal honoured with the TATA AIG - Lifetime
Achievement Award
Month: September 2007
Chairman Naresh Goyal was accorded the prestigious TATA AIG - Lifetime
Achievement Award at the grand closing ceremony of the TAFI (Travel Agents’
Federation of India) International Travel Convention 2007 Abacus-TAFI Awards Nite on
Saturday 8th September, 2007 at the Magella Sutera of the Sutera Harbour Resort in Kota
Kinabalu, Malaysia.
'Most innovative product launch' award
Month: September 2007
Jet Airways wins TravelBiz Monitor’s - Most Innovative Product Launch Award for its
‘First Class’ product on its long-haul flights.
SAP ACE 2007 – Awards for Customer Excellence, in the Best Travel &
Transportation Sector Implementation Category
Month: August 2007
Jet Airways won the SAP ACE 2007 – Awards for Customer Excellence, in the Best
Travel & Transportation Sector Implementation Category. Jet Airways received this
award for the Project, E3 which stands for Efficiency, Empowerment and Effectiveness.
The Freddie Award - Highest Honour For Jet Airways
Month: May 2007
For the third year in succession Jet Airways has been conferred the Freddie Award, this
time in the highly coveted category of “Programme of the Year” for Japan, Australia,
Asia and Pacific regions.