Almost 26 years to the day after its first flight, one of India's biggest airlines has thrown in the towel.
Jet Airways announced late Wednesday that it was indefinitely suspending all flights after it ran out of cash, marking a swift downfall for an airline that dominated India's fast-growing aviation industry for years.
The airline was founded by Naresh Goyal, who began his career as a sales agent for Lebanese Airlines in 1967. Goyal worked for several other airlines for nearly a decade before founding his own company called Jetair in 1974 to provide sales and marketing services to foreign carriers in India.
Read Rishi Iyengar's (CNN Business) analysis on Jet's rise and fall >>
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Jet Airways announced late Wednesday that it was indefinitely suspending all flights after it ran out of cash, marking a swift downfall for an airline that dominated India's fast-growing aviation industry for years.
The airline was founded by Naresh Goyal, who began his career as a sales agent for Lebanese Airlines in 1967. Goyal worked for several other airlines for nearly a decade before founding his own company called Jetair in 1974 to provide sales and marketing services to foreign carriers in India.
Read Rishi Iyengar's (CNN Business) analysis on Jet's rise and fall >>
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