Mathai George Muthoot (November 02, 1949 – March 05, 2021) was an Indian entrepreneur and businessman. The third generation of his family to be the chairman of the Muthoot Group, and the former Lay Trustee of the Indian Orthodox Church. He was also a member of the National Executive Committee of the Federation of Indian Chambers of Commerce and Industry (FICCI) and the Chairman of the FICCI Kerala State Council. A prescient risk taker, persistent innovator, compassionate leader and welfarist, Shri M.G. George Muthoot was a multidimensional personality, always inspiring people around him to aspire towards higher ideals.
Background
Born in (Kozhencherry), Pathanamthitta, Kerala, George Muthoot was the grandson of Muthoot Ninan Mathai, founder of the Muthoot Group, and the third son of M. George Muthoot, founder of the financial services arm of that group. He completed his Bachelor of Engineering from the Manipal Institute of Technology.
George Muthoot started his career as an office assistant in the family bank, and in 1979 he became the managing director of said bank. Soon enough, he became the Chairman of Muthoot Group in February 1993 at 44. He boosted the growth by expanding to 20 different sectors of the company, including plantations, media, hospitality, health care, education, power generation, IT, asset finance and foreign exchange.
Business Activities
George’s leadership skills and ability to come up with strategies promoted and bought the company to a pedestal worthy of admiration and acknowledgement from business administrators and so many more. The firm’s success can be attributed to two reasons: its IPO was over-subscribed over 24 times and its business model attracting investments from private equity players.
Muthoot’s first branch launched in Faridabad in April 1979, further the company started expanding in Northern India. The Muthoot company has 5,400 branches across India and is dedicated to serving more than 200,000 customers daily.
Under the authority of George Muthoot, the company’s gold loans have caught the investors spotlight over the last few years and took the initiative to emerge as India’s biggest finance company grossing over 1,000 crores in revenue and 20,000 crores in gold loans management.
Furthermore, he has served in various important positions, including as a National Executive Committee Member of FICCI and as the Chairman of the Kerala State Council. Additionally, he has also been a Lay Trustee of the Malankara Orthodox Syrian Church for a duration of 10 years.
Awards
– The Mahatma Gandhi National Foundation awarded Muthoot the Mahatma Gandhi National Award in 2001 for his contributions to the Indian industry.
– In 2012, Golden Peacock Award for Corporate Social Responsibility.
– Life Time Achievement Award to Shri M. G. George Muthoot for his outstanding contribution to the Business, Religion and Social Field by Delhi Panchvada Trust on January 16, 2011, at New Delhi
– Businessman of the Decade Award to Shri M. G. George Muthoot by World Malayalee Council on September 10, 2011, at Kerala
– Asian Businessman of the Year Award at House of Commons, British Parliament, London 2011
– Receiving the Athura Seva Rathnam Award instituted by Gandhi Bhavan International Trust
“A true leader has the confidence to stand alone, the courage to make tough decisions and the compassion to listen to the needs of others. He does not set out to be a leader, but becomes one by the equality of his actions and the integrity of his intent.”