Muthoot group chairman MG George Muthoot passed
away aged 72 on Friday. After falling down a flight of stairs in his New Delhi
residence, Muthoot was rushed to the hospital, where he was pronounced dead on
arrival, as per a report by The Indian Express.

Born on November 2, 1949 in Kerala’s Kozhencherry, George
Muthoot was one of the six Malayalee businessmen in the country who were included
in the Forbes Magazine’s Rich List in 2020. Despite saying in New Delhi, his
organisation Muthoot Capital, which operates in areas such as gold, real
estate, infrastructure and security, was headquartered in Kerala’s capital
Kochi.

Also read: Elon Musk’s Tesla records biggest-ever slump by any company in six weeks

Muthoot inherited the business from his father M George
Muthoot and grandfather Muthoot Ninan Mathai, the founder of the group.

Originally joining the business as an office
assistant in 1979, Muthoot eventually became the Managing Director and assumed
the designation of Chairman in February, 1993.

Muthoot Finance Limited, the group’s flagship
company, prospered considerably under his vision. Currently the largest gold
loan NBFC in the country, the organisation offers loans against gold as
collateral.

With the large family breaking up in the 1980s,
rival company Muthoot Fincorp was birthed through Muthoot Pappachen group, run by
MG George Muthoot’s cousins.

Also read: Muthoot Group chairman MG George Muthoot dies aged 71

The businessman is survived by wife Sara George and their two sons. Out of his three sons, eldest son George M George and youngest
son Alexander George are associated with the company, while the third son, Paul
Muthoot George, was murdered in 2009.