NE BUSINESS BUREAU
NEW DELHI, MAR 6
M G George Muthoot, largely credited for making the Muthoot Finance a pan-India and the largest gold loan NBFC, passed away on Friday evening.
As a chairman of the company, he played a pivotal role in taking Muthoot Finance to new heights, expanding its reach across the country and even overseas especially to the Middle East.
The 71-year-old Muthoot was for long based in the National Capital even though his diversified group that runs over 20 businesses from gold loans to securities, realty estate to infrastructure, hospitals to hospitality and education, is headquartered in Kochi making it one of the largest business houses in the state.
“M G George Muthoot’s sudden and unexpected demise will be an irreparable loss to the Company, employees, all stakeholders, family, and friends. All directors and employees of the Company convey deep sympathy, sorrow and condolences to his family,” the Muthoot Finance said in a regulatory filing on Saturday without giving reason for the cause of death.
He was responsible for scaling up the Muthoot Group’s presence beyond the southern region by expanding its branch presence across north, east and west and thereby transforming the company into a pan India organization, it said.
He was instrumental in making the gold loan finance into an organised business. According to an official of the company, the chairperson died on Friday of heart attack. However family sources said he had a fall in the house and could not be saved.
His sudden and unexpected demise will be an irreparable loss to the company, employees, all stakeholders, family, and friends, the filing said.
Mathai George George Muthoot was born in November 1949 in Kozhencherry in the present day Pathanamthitta district of Kerala as the son of M George Muthoot, who began the finance business and as the grandson of Muthoot Ninan Mathai, the group founder.
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 the managing director and group chairman in February 1993.
In early 1980s, the large family broke up and the family empire was divided between the cousin brothers and this led to the creation of Muthoot Pappachen Group, another diversified group in the state which runs rival gold loan company Muthoot Fincorp.
The Muthoot Group’s flagship Muthoot Finance had a loan book of close to Rs 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 over 5,550 branches across the country and outside today and the group.
Muthoot leaves behind wife Sara George and two sons. While 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 murdered in 2009.
He was also a lay trustee of the powerful Orthodox Church in the state and was also a member of the national executive committee of FICCI and headed the FICCI Kerala council. Forbes Asia listed him as the 44th richest Indian in 2020 with close to USD 5 billion assets and the richest Keralite.
