New Delhi, Mar 6 (IANS): The Chairman of The Muthoot Group, M G George Muthoot passed away in the national capital on Friday evening.
Under his leadership, the Muthoot Group has widened the scope of its operations and is currently a business conglomerate comprising 20 diversified divisions with a presence in pan India and overseas.
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' also under the leadership of M G George Muthoot. Under him, The Muthoot Group expanded to over 5,500 branches across the world and over 20 different businesses.
He was named as the 50h richest Indian in 2011 by Forbes Asia Magazine and reached the 44th spot in 2019.
The Kochi-based Muthoot Finance offers loans using gold as collateral. Muthoot Finance provides gold loans on extremely easy terms and conditions to people of each segment of the society.
M G George Muthoot was a graduate in Mechanical Engineering from Manipal Institute of Technology and has attended various Executive Management Courses at the Harvard Business School. He joined the family business, The Muthoot Group, at a young age and became its Managing Director in 1979.
He took over as the Chairman of the group in 1993 and was conferred with numerous national and international during his lifetime.
Further, he was the National Executive Committee Member of FICCI and also held the position of Chairman in the Kerala State Council.