M G George Muthoot, largely credited for making the Muthoot Finance a pan-India and the most important gold mortgage NBFC, handed away on Friday night in a freak incidence of falling from the fourth flooring of his home.
Because the chairman of the corporate, he performed a pivotal position in taking Muthoot Finance to new heights, increasing its attain throughout the nation and even abroad particularly to the Center East.
Police obtained data on Friday at 9.21 pm concerning the admission of M G George Muthoot at a hospital after falling from the fourth flooring of the home and was later declared lifeless, a senior police officer mentioned.
“Enquiry carried out into the matter and statements have been recorded. The CCTV cameras have been additionally checked. He was taken to Fortis Escort Hospital the place he died throughout therapy. On Saturday, his submit mortem has been carried out at AIIMS. No foul play is suspected. Inquest continuing is being completed,” Deputy Commissioner of Police (South East Delhi) R P Meena mentioned.
Muthoot, 71, was for lengthy primarily based within the Nationwide Capital despite the fact that his diversified group that runs over 20 companies from gold loans to securities, realty property to infrastructure, hospitals to hospitality and schooling, is headquartered in Kochi making it one of many largest enterprise homes within the state.
M G George Muthoot’s sudden and surprising demise shall be an irreparable loss to the Firm, workers, all stakeholders, household, and associates. All administrators and workers of the Firm convey deep sympathy, sorrow and condolences to his household, the Muthoot Finance mentioned in a regulatory submitting on Saturday with out giving purpose for the reason for dying.
He was answerable for scaling up the Muthoot Group’s presence past the southern area by increasing its department presence throughout north, east and west and thereby reworking the corporate right into a pan India group, it mentioned.
He was instrumental in making gold mortgage finance into an organised enterprise.
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 grew to become the managing director and group chairman in February 1993.
Within the early Nineteen Eighties, the massive 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 e-book 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 out of doors at the moment 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 government committee of Ficci and headed the Ficci Kerala council.
Forbes Asia listed him because the forty fourth richest Indian in 2020 with near $ 5 billion belongings and the richest Keralite.