MG George Muthoot, the chairman of Muthoot Finance, passed away in his New Delhi home on Friday, the company announced. He was 71.
Muthoot Finance is the largest gold loan NBFC in the country.
Under his leadership, the group has widened the scope of its operations and currently runs over 20 businesses from gold loans to securities, realty estate to infrastructure, hospitals to hospitality and education in India as well as overseas.
He was named as the 50h richest Indian in 2011 by Forbes Asia Magazine and reached the 44th spot in 2019.
The Kochi-based Muthoot Finance offers loans using gold as collateral. Muthoot Finance provides gold loans on extremely easy terms and conditions to people of each segment of the society
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.
He was also a lay trustee of the powerful Orthodox Church in Kerala. Further, he was the National Executive Committee Member of FICCI and also held the position of Chairman in the Kerala State Council.
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.