MG Muthoot Passes Away; 7 Things to Know About Late Muthoot Group Chairman

M G George Muthoot, 71, the Muthoot Group's Chairman and Whole Time Director, passed away on Friday. Muthoot Finance is India's largest gold loan NBFCs in India. He was the third generation of Muthoots to become Chairman of the Muthoot Group.

According to a company statement to the stock exchange on Saturday, Mr. Muthoot was a visionary and leader, whose "sudden and unexpected demise will be an irreparable loss to the company, employees, all stakeholders, family, and friends... Muthoot Finance reached new heights of success under his leadership, becoming the market leader in the gold loan industry."

M. G. George Muthoot was in charge of extending The Muthoot Group's presence outside of South India by establishing branch offices in North, East, and West India, transforming the company into a pan-India operation.

Here are important things to know about the M G George Muthoot:

1. With a fortune of $4.8 billion, M G George Muthoot and his family were listed in 2020 as India's richest people.

2. The company is the largest lender in India against the yellow metal. Muthoot is being credited with developing it into a financial powerhouse with an annual turnover of $1.3 billion (2020), 5,400 branches in India and 166 tonnes of gold safekeeping.

3. Muthoot, a qualified engineer, moved to New Delhi in his twenties and established a paper mill. In 1975, he entered his family's gold lending firm, but he continued to work from the capital. In 1979, he was named managing director, and in 1993, he was named chairman.

4. Forbes Asia Magazine named M.G. George Muthoot the 26th richest Indian and the richest Malayalee in India in 2020.

5. Shri M. G. George Muthoot has been honoured with many prestigious awards.
Recently, he was awarded the 'Distinguished Alumnus of the Year Award' by Manipal University. He was honoured as the 'Asian Businessman of the Year' by the British Parliament. Former Hon'ble Union Home Minister, Shri Rajnath Singh Ji conferred upon him the title of 'Emerging Business Leader of the Year' at AIMA Managing India Awards.

6. Muthoot is survived by Sara George Muthoot, the Director of New Delhi's St. George's High School. [nine] They are the parents of three sons. Their eldest son, George M. George, is the Group's Executive Director, and their youngest son, Alexander George, is the Group's Director. Paul Muthoot George, their second son, was killed in 2009.

7. He was also a member of the National Executive Committee of the Federation of Indian Chambers of Commerce and Industry (FICCI) and the Chairman of the FICCI Kerala State Council.