New Delhi/Kochi: Muthoot group Chairman and former trustee of the Orthodox Church MG George Muthoot passed away at his residence in Delhi on Friday night. He was 72.
George 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.
Mathai George George Muthoot was born on November 2, 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.
At the time he took over as chairman, there were only 31 branches across India for the Group. Under his leadership the Muthoot Group has expanded to over 5,500 branches across the world and over 20 different businesses. Their most significant firm Muthoot Finance Ltd also became India's top company in the gold loan segment.
George was an Executive Member of the Federation of Indian Chambers of Commerce and Industry (FICCI) and the has acted as the Chairman of FICCI Kerala State Council.
Forbes Asia listed him as the 44th richest Indian in 2020 with close to USD 5 billion assets and the richest Keralite.
George is survived by wife Sarah George Muthoot, director of St George High School in New Delhi, his children Muthoot Group executive director Geroge M George, Group director Alexander George and Late Paul Muthoot George.
He was also a lay trustee of the powerful Orthodox Church in the state. Forbes Asia listed him as the 44th richest Indian in 2020 with close to USD5 billion assets and the richest Keralite.