According to the family, MG George Muthoot, chairman of Muthoot Finance, the country’s largest gold loan NBFC, died in the evening of March 5 at his New Delhi home after a fall.
The 71-year-old Muthoot has long been based in the national capital, even though his diversified conglomerate which runs over 20 businesses ranging from gold loans to securities, realty estates to infrastructure, hospitality and education to hospitals, is headquartered in Kochi. . It has the largest trading houses in the state.
The company had not issued any statement until the filing of the story and its spokesperson could not be reached for confirmation.
Mathai George George Muthoot was born in the present Pathanamthitta district of Kerala in November 1949 in Kozencherry. M. As the son of George Muthoot, who started the finance business and as the grandson of the group’s founder Muthoot Ninne Mathai.
After graduating from the Manipal Institute of Technology with a degree in mechanical engineering, Muthoot joined the family business as an office assistant and in 1979 he became managing director and group chairman in February 1993.
In the early 1980s, the larger family broke up and the family’s empire was split among the cousins and this led to the formation of the Muthoot Pappachen group, another diversified group in the state that runs rival gold loan company Muthey Fincorp.
Muthoot Finance, the head of the Muthoot Group, had a loan book of close to ₹ 56,000 crore in the December 2020 quarter.
The group has grown manifold under him – when he took over it had just 31 branches but has more than 5,550 branches across the country and today.
Muthoot is survived by wife Sarah George and two sons. While the eldest son George M. George is the executive director of the group, the youngest son Alexander George is the director of the group, and the second son, Paul Muthoot George, was assassinated in 2009.
He was also a trustee of the powerful Orthodox Church in the state and a member of the National Executive Committee of FICCI and was the head of the FICCI Kerala Council.
Forbes Asia listed him as the 44th richest Indian in 2020 with $ 5 billion in assets and the richest Kerala.