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The Muthoot Group
The Muthoot Group is an Indian multinational conglomerate headquartered in Kochi, Kerala. It has interests in financial services, information technology, media, healthcare, education, power generation, infrastructure, plantations, precious metal, restaurant, and hospitality. Muthoot Group operates in 29 states in India, and has presence in Nepal, Sri Lanka, US, UK and UAE. The group manages assets of over $7.5 billion. It is owned and managed by the Muthoot family.
The group takes its name from the Muthoot Family based in Kerala. The company was set up by M. N. Mathai (who goes by N. Mathai Muthoot) in 1887 at Kozhencherry, a small town in the Kerala. It was then later taken over by his son M George Muthoot, who incorporated the finance division of the group, which was until then primarily involved in wholesale of grains and timber. The company is now managed by the third and fourth generation of its family members.
In 1939, M. George Muthoot created a partnership firm under the name of Muthoot M. George & Brothers (MMG). MMG was a chit fund based out of Kozhencherry. In 1971, the firm was renamed as Muthoot Bankers, and started to finance loans using gold jewellery as collateral. In 2001, the company was renamed to Muthoot Finance. Muthoot Finance falls under the category of systematically important non-banking financial company(NBFC) of the RBI guidelines.
The company has more than 4,500 branches spread across 29 states and union territories of India. Muthoot Finance, according to the IMaCS Research & Analytics Industry Reports [Gold Loans Market in India, 2009 and the 2010 update to the IMaCS Industry Report 2009], is the largest Gold Loan NBFC and has the largest network of branches for a gold loan NBFC in India. Muthoot Finance is also the highest-credit-rated gold loan company in India, with a credit rating of AA (CRISIL) and AA (ICRA) for its long-term debts and P1+ (CRISIL) & A1+ (ICRA) for its Short Term Debt Instruments.
Muthoot Finance has played an instrumental role in organizing and professionalizing gold collateralized loans in India, a concept which emphasizes mobilising household gold jewelry as a channel of credit to borrowers. The total gold holdings among individuals is estimated to be more than 20,000 tonnes.
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). 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. In terms of market capitalisation, Muthoot Finance Ltd is the second largest company in Kerala, first being Federal Bank.
Muthoot started offering loans backed by gold jewellery as collateral in 1971. As of 2009, it was the largest non-banking financial company issuing gold-backed loans.
Incorporated in 2013, Muthoot Homefin (India) Limited is a Housing Finance company (HFC) registered with the National Housing Bank. The company has its Corporate Office in Mumbai, and operates primarily in the Western and Central states of India. In an effort to promote the Indian government's initiative of Housing for All, Muthoot Homefin operates primarily in the affordable housing segment, wherein the loans are below ₹30 lakh (US$35,000). Muthoot Homefin has a long-term credit rating of AA− (ICRA) and a short-term rating of P1+ (ICRA)
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The Muthoot Group
The Muthoot Group is an Indian multinational conglomerate headquartered in Kochi, Kerala. It has interests in financial services, information technology, media, healthcare, education, power generation, infrastructure, plantations, precious metal, restaurant, and hospitality. Muthoot Group operates in 29 states in India, and has presence in Nepal, Sri Lanka, US, UK and UAE. The group manages assets of over $7.5 billion. It is owned and managed by the Muthoot family.
The group takes its name from the Muthoot Family based in Kerala. The company was set up by M. N. Mathai (who goes by N. Mathai Muthoot) in 1887 at Kozhencherry, a small town in the Kerala. It was then later taken over by his son M George Muthoot, who incorporated the finance division of the group, which was until then primarily involved in wholesale of grains and timber. The company is now managed by the third and fourth generation of its family members.
In 1939, M. George Muthoot created a partnership firm under the name of Muthoot M. George & Brothers (MMG). MMG was a chit fund based out of Kozhencherry. In 1971, the firm was renamed as Muthoot Bankers, and started to finance loans using gold jewellery as collateral. In 2001, the company was renamed to Muthoot Finance. Muthoot Finance falls under the category of systematically important non-banking financial company(NBFC) of the RBI guidelines.
The company has more than 4,500 branches spread across 29 states and union territories of India. Muthoot Finance, according to the IMaCS Research & Analytics Industry Reports [Gold Loans Market in India, 2009 and the 2010 update to the IMaCS Industry Report 2009], is the largest Gold Loan NBFC and has the largest network of branches for a gold loan NBFC in India. Muthoot Finance is also the highest-credit-rated gold loan company in India, with a credit rating of AA (CRISIL) and AA (ICRA) for its long-term debts and P1+ (CRISIL) & A1+ (ICRA) for its Short Term Debt Instruments.
Muthoot Finance has played an instrumental role in organizing and professionalizing gold collateralized loans in India, a concept which emphasizes mobilising household gold jewelry as a channel of credit to borrowers. The total gold holdings among individuals is estimated to be more than 20,000 tonnes.
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). 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. In terms of market capitalisation, Muthoot Finance Ltd is the second largest company in Kerala, first being Federal Bank.
Muthoot started offering loans backed by gold jewellery as collateral in 1971. As of 2009, it was the largest non-banking financial company issuing gold-backed loans.
Incorporated in 2013, Muthoot Homefin (India) Limited is a Housing Finance company (HFC) registered with the National Housing Bank. The company has its Corporate Office in Mumbai, and operates primarily in the Western and Central states of India. In an effort to promote the Indian government's initiative of Housing for All, Muthoot Homefin operates primarily in the affordable housing segment, wherein the loans are below ₹30 lakh (US$35,000). Muthoot Homefin has a long-term credit rating of AA− (ICRA) and a short-term rating of P1+ (ICRA)