Kochi/Kerala: Chairman of India’s multinational conglomerate, Muthoot Group, MG George Muthoot, passed away on Friday evening in New Delhi, as what the company’s regulatory filing read.
Muthoot Finance is one of the largest Gold Loan Non-Banking Financial Company (NBFC) in India.
The 72-year-old was the third generation from his family to become the chairman of the Muthoot Group and was also a member of the National Executive Committee of the Federation of Indian Chambers of Commerce and Industry (FICCI). It is under his leadership that the Muthoot Finance, the group’s flagship company, became the largest gold financing company in India and the first-ever NBFC to join the ‘Rs 1000 crore net profit club’.
In 2011, the business mogul was named as the 50h richest Indian by Forbes Asia Magazine and reached the 44th spot in 2019. He was one of the six Malayalees who made it to the Forbes Magazine’s ‘Rich List’ last year.
Under him, The Muthoot Group expanded to over 5,500 branches across the world and over 20 different businesses.
He was also the Chairman of the FICCI Kerala State Council and was the trustee of the Indian Orthodox Church.