MG George Muthoot, the chairman of Muthoot Finance which is the largest gold loan NBFC in the country, passed away this evening in his New Delhi home after a fall, according to the family. 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.
"MG 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 without giving reason for the cause of death.
Delhi Police said, "Muthoot Group Chairman MG George Muthoot fell from 4th floor of a building in East of Kailash, Delhi yesterday. He was rushed to Fortis Escort Hospital & was declared dead during treatment. Today, his postmortem was conducted. No foul play is suspected," as per news agency ANI.
MG George 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, the company statement added. 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.
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 the 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 $5 billion assets and the richest Keralite.
(With inputs form agencies)
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