M G. George Muthoot (2 November 1949 – 5 March 2021) was an eminent Indian businessman and the Chairman of The Muthoot Group, a diversified conglomerate renowned for its leadership in gold financing. He played a pivotal role in transforming the group into one of India’s most successful non-banking financial companies (NBFCs).
Early Life and Education
- Birthplace: Kozhencherry, Kerala, India.
- Family Legacy: Grandson of Muthoot Ninan Mathai, who founded The Muthoot Group. His father, M. G. George Muthoot, laid the foundation for the group’s financial services division.
- Education:
- Bachelor’s degree in Mechanical Engineering from the Manipal Institute of Technology.
- Attended executive management courses at Harvard Business School.
Career Highlights
- Entry into Business: M. G. George Muthoot joined the family business in the 1970s and rose to the position of Managing Director in 1979. He became the Chairman of the group in 1993.
- Expansion of The Muthoot Group:
- Diversified the group into 20 business verticals, including financial services, hospitality, healthcare, real estate, IT, and education.
- Played a crucial role in the growth of Muthoot Finance, now the largest gold financing NBFC in India.
- Expanded operations to over 5,500 branches across India and overseas.
- Introduced innovative financial products and services, making the company a household name.
- Achievements:
- Under his leadership, Muthoot Finance became the first NBFC in India to achieve Rs. 1,000 crore net profit.
Personal Life
- Spouse: Married to Sara George Muthoot, who serves as the Director of St. George’s School in New Delhi.
- Children:
- George M. George: Executive Director of The Muthoot Group.
- Paul Muthoot George: Tragically murdered in 2009.
- Alexander George: Director of The Muthoot Group.
Philanthropy and Social Contributions
- M. G. George Muthoot was deeply committed to corporate social responsibility, focusing on education, healthcare, and community development.
- He supported initiatives such as scholarships for underprivileged students and healthcare programs in rural areas.
Death
M G. George Muthoot passed away on 5 March 2021 at the age of 71 due to a tragic fall from his residence in New Delhi. His death was ruled accidental, leaving behind a legacy of innovation and leadership.
Legacy
M G. George Muthoot is remembered as a visionary entrepreneur who redefined the financial services landscape in India. His leadership, humility, and commitment to excellence have left an indelible mark on the industry and society at large.
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