MG George Muthoot (Image: Muthoot Group)
Muthoot Group Chairman MG George Muthoot passed away in Delhi on March 5. He was 71 years old.
Police on March 7 said they received information on Friday at 9.21 pm regarding the admission of M G George Muthoot at a hospital after falling from the fourth floor of the house and was later declared dead, a senior police officer said.
"Enquiry conducted into the matter and statements were recorded. The CCTV cameras were also checked. He was taken to Fortis Escort Hospital where he died during treatment. On Saturday, his post mortem has been conducted at AIIMS. No foul play is suspected. Inquest proceeding is being done,” Deputy Commissioner of Police (South East Delhi) RP Meena said.
As the chairman of the company, he played a pivotal role in taking Muthoot Finance a pan-India and the largest gold loan NBFC to new heights, expanding its reach across the country and even overseas especially to the Middle East.
“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,” Muthoot Finance said in a regulatory filing on March 6 without giving reason for the cause of death.
“He 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,” it said.
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 from PTI)