Indian billionaire M.G. George Muthoot dies at 71

M.G. George Muthoot, India’s largest gold finance company’s chairman dies at age of 71.

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M.G. George Muthoot, India’s largest gold finance company’s chairman dies at age of 71.

He died of an accident taking place in his home whereby he fell off the stairs. He was taken to the hospital immediately and was declared dead.

The company showed condolences on the death of such a visionary chairman. The staff said that it is a piece of utter shocking news for the company. His death was an unexpected event for the company, family, and friends. Muthoot along with his family was ranked No. 26 in the list of India’s richest people in 2020 with a fortune of $4.8 billion.

The company got financial success in 2020 with $1.3 billion in annual revenue, 5,400 branches across India, and 166 tons of gold in safe custody. He also expanded his business in Southern India attracting more than 200,000 customers daily. Muthoot is credited with making the lending process transparent and customer-friendly.

Muthoot started his career with a paper mill after shifting to New Delhi. Then he joined his family business and became MD first and then chairman in 1993. The Muthoot Group was founded by his grandfather Muthoot Ninan Mathai in 1887. The company used to serve Britishers before the partition of the subcontinent. It expanded into financial services in 1939 when Muthoot’s father M. George Muthoot started a chit fund, a homegrown savings scheme.

M.G. George Muthoot entered the Forbes Asia’s list of India’s richest with a family fortune of $1.1 billion in 2011 after the company’s IPO, which was oversubscribed 24 times. Till then, the company is continuously boosting its financial sphere with expanded profit and subsidiaries. All of this fueled a 53% rise in the stock over the past year, boosting the family fortune to $5.2 billion.