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.
The Delhi Police on Saturday said that Muthoot Group chairman, MG George Muthoot, fell to death from the fourth floor of his house in Delhi’s East of Kailash.
Muthoot Group chief MG George Muthoot falls from 4th floor of house, dies
MG George Muthoot, the chairman of Muthoot Finance which is the largest gold loan NBFC in the country, passed away this evening in his New Delhi home after a fall
BusinessToday.In | March 6, 2021 | Updated 22:37 IST
MG George Muthoot (Image: Twitter)
MG George Muthoot, the chairman of Muthoot Finance which is the largest gold loan NBFC in the country, passed away this evening in his New Delhi home after a fall, according to the family. The 71-year-old Muthoot 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.