George Muthoot in Forbes Asia rich list, calls him the ‘Indian Billionaire’
Ahmedabad Diocese under Dr Geevarghese Mar Yulios felicitates George
BARODA : For Malankara Orthodox Syrian Christians, George Muthoot is a well-known personality as the Malankara Sabha Trustee. However, in the recent issue of Forbes Asia Magazine dated November 07, 2011, M G George Muthoot and his Group, has been featured exhaustively on its cover titled ‘Indian Billionaire George Muthoot’s Pot of Gold’
The feature by Saritha Rai, a well-known Bengaluru-based journalist with the blurb which reads: ‘M G George Muthoot is a billionaire from lending against the yellow metal to Indians, the world’s biggest hoarders.’
The recently held MGOCSM Ahmedabad Diocese Annual Conference 2011 from October 26-28 at Vadodra saw the felicitation of Metropolitan Geevarghese Mar Coorilos, Diocese of Mumbai and, Malankara Sabha Trustee, M G George Muthoot by Metropolitan of Ahmedabad Diocese Pulikkottil HG Dr Geevarghese Mar Yulios.
At the function, Dr Mar Yulios held afloat a copy of the Forbes Asia magazine and felicitated the veteran businessman and God fearing man by draping him with a shawl.
The theme of the 3-day meet was based from Proverbs 22:28 — Do not move an ancient boundary stone set up by your forefathers. The Forbes feature traces the roots of George Muthoot, 62, the bespectacled chairman who presently heads the third generation of the Muthoot business clan.
It notes that the May listing of Muthoot Finance, in which he holds 80 per cent along with three brothers, has earned him a spot for the first time on the Forbes Asia rich list. As the eldest and group head, he’s ranked at number 50 with a fortune of $1.1 billion.
This mechanical engineer oversees Muthoot’s strategy and expansion from New Delhi, while his three siblings man the southern post in Kochi. The Muthoots are one of the wealthiest business clans in Kerala. The group was founded by Muthoot Ninan Mathai, M G George’s grandfather, in 1887. Investors recently panned for shares of Muthoot Finance, which were 24 times oversubscribed.
The feature also notes about the Muthoots who belong to Kerala’s land-owning Syrian Christian community, who believe they are direct descendants of St Thomas, one of the apostles of Christ. M G George Muthoot is a trustee of the Malankara Orthodox Church, an influential position in the community. The company’s branches countrywide start work each morning with a prayer.