How India learnt the real value of gold? Success story of Rs 50,000 crore Muthoot Finance dnaindia.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from dnaindia.com Daily Mail and Mail on Sunday newspapers.
The non-banking finance company (NBFC) posted a decline of 10 per cent in its net profit from a year ago period at Rs 901.60 crore in quarter ended September 2022.
In 1979, he became the group s managing director, and by February 1993, had become the group s chairman. In doing so, he became the third generation of his family to head the Muthoot Group after his grandfather and his father.
A split in the Muthoot family in the 1980s saw the family s empire divided between his cousin brothers and himself which, eventually, led to the creation of Muthoot Pappachen Group, another diversified entity that ran a rival gold loan enterprise Muthoot Fincorp.
But under his leadership, Muthoot Finance turned into one of India s leading gold loan non-banking financial companies becoming the first-ever NBFC to break the Rs 1,000 crore net profit ceiling.
The chairman of the Muthoot Finance company M G George Muthoot passed away on Friday evening after reportedly falling from the fourth floor of his house in Delhi.