The chairman of Muthoot Group and entrepreneur, Mathai George George Muthoot (M G George Muthoot) passed away on March 5, in New Delhi. He rushed to Delhi’s Escorts Hospital after falling down from the stairs of the house. He declared dead by the doctors around 7 PM. He was a business tycoon and the 26th richest Indian in 2020. He was 72-years-old with a net worth of $4.8 billion.
M G George Passes Away at 71
His company, Muthoot Finance is one of the finest gold loan non-banking financial companies in India. When the company was under his hand so, they reached the height of finance and also become the first to enter the NBFC with the Rs. 1000 Crore net profit.
When the company was under the leadership of MG George, the group was expanded and converted into 20 different operating groups across the nation. Muthoot Finance was holding around 6 million customers and 5,500 branches across the country, which was founded by his grandfather Muthoot Ninan Mathal in 1887 and he was the third person in his family to became a chairman of the company.
On an occasion, M G George Muthoot said,” Gold-pawning may be a hoary trade, but we take the credit for making it an organized business and giving it respectability”. MG George was also known as a chairman of the FICCI Kerala State Council and a Member of the National Executive Committee of the Federation of Indian Chambers of Commerce and Industry. He was a trustee of the Indian Orthodox Church.
According to the reports, he was one of the six people from the Malayalee, who have seen in the Forbes Magazine’s Rich List of 2020. As per the reports of Forbes data, the Muthoot Finance group had a profit as a 27 per cent hike in revenue to $1.3 billion and again, the profit hike up to 51 per cent reaching up to $440 million for the last ending of March 2020.
He was born on 2nd November 1949 in Kozhencherry, Pathanamthitta, Kerala. He achieves his Mechanical Engineering degree from the Manipal Institute of Technology. He became a managing director in 1979 and appointed as a chairman in February 1993. In his early time, the company has a total of 31 branches in Delhi, Chandigarh, Haryana, and Kerala.
He married Sara George Muthoot, who was a managing director of Delhi’s school St. George’s High School. The couple had three sons. He will be remembered by his loved ones. May God Bless His Soul.
