Muthoot Finance chairman MG George dies at 71

The 71-year-old Muthoot was instrumental in making the gold loan finance into an organised business.

New Delhi: M G George Muthoot, largely credited for making the Muthoot Finance a pan-India and the largest gold loan NBFC, passed away on Friday evening.

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.

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He was responsible for scaling up the Muthoot Group’s presence beyond the southern region by expanding its branch presence across north, east and west and thereby transforming the company into a pan India organization, it said.

He was instrumental in making the gold loan finance into an organised business.
According to an official of the company, the chairperson died on Friday of heart attack. However family sources said he had a fall in the house and could not be saved.

Mathai George George Muthoot was born in November 1949 in Kozhencherry in the present day Pathanamthitta district of Kerala as the son of M George Muthoot, who began the finance business and as the grandson of Muthoot Ninan Mathai, the group founder.

Muthoot joined the family business as an office assistant and in 1979 he became the managing director and group chairman in February 1993.

With profound grief we inform the sad and untimely demise of Shri M.G. George Muthoot, Group Chairman, The Muthoot Group of Companies on 5th March, 2021. May the Lord give him Eternal Rest. We solicit your sincere prayers in this hour of grief. pic.twitter.com/LupQl0sS3P

— The Muthoot Group (@TheMuthootGroup) March 6, 2021