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This industry note is to accompany the case ''109-012-1''. The abstract of the case is as follows: The case documents how Naresh Goyal, Chairman of Jet Airways (India) Limited founded the airline and related business group, and built the ''Jet Airways'' brand from the early 1990s to 2004. Deploying new aircraft, maintaining a young fleet, and focusing on passengers'' convenience and service quality, he positioned the airline to the needs of Indian business travellers, garnered more than a 40 percent market share and attained brand leadership by 2004. Since early 2000, with prudent pricing, cost and yield management, Jet Airways enjoyed healthy profit margins of 20 to 30 percent. On the back of strong profitability, market position, brand equity, and booming Indian capital markets and economy, the airline priced its 2005 public issue aggressively, but investors'' feedback on the red herring prospectus called for brand ownership, which it licensed from Jet Enterprises Limited, a group company promoted and owned by Naresh. The carrier appointed Mumbai-based auditors to value the brand, and Jet Enterprises began registering the trademark globally. While Carl Saldhana, Chief Financial Officer hoped that the auditors would arrive at a formula to value the brand and complete its transfer in six months time, the trademark registration in some countries hit a snag. The case provides students with an opportunity to appreciate the business setting of an emerging market system and analyse: (1) economic; (2) regulatory; (3) management; (4) marketing; (5) financing; (6) accounting; and (7) valuation issues, and their interrelationships affecting the case company.