Muthoot Finance Chairman MG George Muthoot died in Delhi on Friday evening. He fell down the stairs at his home after which he was admitted to Escorts Hospital in Delhi. George Muthoot was 72 years old. Muthoot Finance is the largest non-banking finance company (NBFC) in the country. This group is involved in loans ranging from gold loans to realty, infra, hospital, education etc.
26th richest man of the country in 2020
Under his leadership, the Muthoot Group grew to 5500 branches and the Muthoot Group ran more than 20 businesses worldwide. Born in Kerala on 2 March 1949, George was declared the 26th richest person in the Forbes Asia magazine in 2020 and also received the title of being the richest Malayali person in the country.
Was working in many positions
MG George Muthoot was a third generation member of his family who held the post of chairman of the Muthoot Group. He was a trustee of the Orthodox Church and was also a member of the National Executive Committee of the Federation of Indian Chambers of Commerce and Industry (FICCI). Not only this, George Muthoot was also the President of FICCI Kerala State Council. George Muthoot made it to the Forbes magazine’s list of the rich last year.
MG George Muthoot was a graduate in Mechanical Engineering from Manipal Institute of Technology. He joined the company as an office assistant from the family business. In 1979, he became the MD of the company and in February 1993 he became the chairman of the company.
The group was divided into two brothers
It was only in 1980 that the business split into two brothers. One group was formed in the name of Muthoot Pappachan Group and the other was formed in the name of Muthoot Fincorp. Muthoot Finance of Muthoot Group has a loan book of 56 thousand crores in December 2020. During George’s time, the group grew rapidly and its number of 31 branches increased to 5,550.
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