Muthoot Group Chairman MG George Muthoot dies in Delhi

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Muthoot Group Chairman MG George Muthoot handed away in Delhi. (Representational picture)

The Chairman of the Muthoot Group, MG George Muthoot, on Friday handed away at his Delhi residence, after a fall, in keeping with the household. Muthoot Finance is the biggest gold mortgage NBFC within the nation.

The 71-year-old Muthoot was for lengthy primarily based within the Nationwide Capital although his diversified group that runs over 20 companies from gold loans to securities, realty property to infrastructure, hospitals to hospitality and training, is headquartered in Kochi making it one of many largest enterprise homes within the state.

The corporate had not issued any assertion until the submitting of the story and its spokesperson couldn’t be reached for affirmation.

Mathai George George Muthoot was born in November 1949 in Kozhencherry within the present-day Pathanamthitta district of Kerala because the son of M George Muthoot, who started the finance enterprise and because the grandson of Muthoot Ninan Mathai, the group founder.

After graduating from the Manipal Institute of Know-how with a level in mechanical engineering, Muthoot joined the household enterprise as an workplace assistant and in 1979 he turned the managing director and group chairman in February 1993.

Within the early 1980s, the big household broke up and the household empire was divided between the cousin brothers and this led to the creation of Muthoot Pappachen Group, one other diversified group within the state which runs rival gold mortgage firm Muthoot Fincorp.

The Muthoot Group’s flagship Muthoot Finance had a mortgage guide of near Rs 56,000 crore within the December 2020 quarter.

The group has grown manifold beneath him–when he took over it had simply 31 branches however has over 5,550 branches throughout the nation and outdoors immediately and the group.

Muthoot leaves behind spouse Sara George and two sons.

Whereas eldest son George M George is the chief 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 additionally a lay trustee of the highly effective Orthodox Church within the state and was additionally a member of the nationwide govt committee of Ficci and headed the Ficci Kerala council.

Forbes Asia listed him because the 44th richest Indian in 2020 with near USD5 billion belongings and the richest Keralite.

(With inputs from PTI)

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