Courtesy of Muthoot Finance
M.G. George Muthoot, 71, chairman of Muthoot Finance, India’s largest gold finance company, died Friday at his residence in New Delhi. Muthoot, who suffered from vertigo, lost his balance and fell down the stairs at his home. He was rushed immediately to Escorts Hospital, where he was declared dead.
A company statement to the stock exchange on Saturday noted that Muthoot was a visionary and leader whose “sudden and unexpected demise will be an irreparable loss to the company, employees, all stakeholders, family, and friends…Under his stewardship, Muthoot Finance saw new heights of growth and became the market leader in [the] gold loan industry.”
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 is India’s biggest lender against the precious metal and Muthoot is credited with building it into a financial powerhouse-with $1.3…