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Muthoot Pappachan Group, also known as Muthoot Blue, is an Indian financial services conglomerate founded in 1887 by Ninan Mathai Muthoot. [ 4 ] [ 5 ] [ 6 ] Headquartered in Thiruvananthapuram , Kerala , the group has a workforce of more than 26,000 employees across 4,200 branches in India.
On 18 November 2008, the company was converted into a public limited company with the name "Muthoot Finance Limited". [8] During the year 2009–10, the company added 620 new branches. [9] In 2014, Muthoot Finance acquired a majority stake in Asia Asset Finance plc, a Sri Lankan publicly-listed financial services company. [10]
In 2010, Muthoot Finance sold 4% of its shares in a private equity round to Barings Bank and Matrix Partners, raising ₹ 157 crore (US$34.33 million). [9] [10] Later in 2011, Muthoot Finance publicly listed its shares on the two biggest stock exchanges in India National Stock Exchange of India and Bombay Stock Exchange. [11]
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The Muthoot family is one of the foremost business houses in South India. The family has interests in various sectors of business varying from financial services to media . The founder of the Muthoot Group was M.N. Mathai (who goes by N. Mathai Muthoot), from whom the business house was later taken over by his son, M. George Muthoot ,.
The conglomerate has since grown exponentially, and is currently present in over 16 diversified industries in 4 different countries. Alexander Muthoot is also the managing director of Muthoot Finance, a pioneer in Gold Banking. With over INR 263.87 bn in Assets Under Management, Muthoot Finance is India's Largest Gold Loan company (as of May 2013).
In January 2013, Muthoot Finance was awarded The SKOCH Award for Financial Inclusion. [5] M.G George Muthoot was honored with the Distinguished and Outstanding Alumnus of 2015 award instituted by Manipal University. [6] Muthoot was ranked 50th with $1.10 bn in the list of Indian billionaires by Forbes in October 2011. [7]
Shriram Finance is the flagship company of the Group which provides financial services such as commercial vehicle finance, passenger vehicle finance, SME finance and retail lending (personal loans, gold loans and two-wheeler loans). [7]