Back in 1887, in Kozhencherry a quiet hamlet surrounded by plantations in the Southern state of Kerala, India, Mr. Ninan Mathai started a retail business along with his plantation ventures.
In time, his sons took over the reins and re-established the business. With their youthful vision and combined strength it soon flourished. Six years later, in 1939, the brothers established the Muthoot Chit Fund Enterprises, providing small and medium loans to farmers and merchants. In a short span of 10 years it became the largest business house of its kind in Kerala.
They soon moved into full fledged banking operations. They specialised in gold loans and advances to small enterprises and individuals on quick and easy terms. This ensured rapid growth. The brothers then decided it was time to bifurcate and thus was born the Muthoot Pappachan Group, founded by his youngest son Mathew.M. Thomas or Muthoot Pappachan as he is fondly known. Under his watchful eye the group has since diversified into financial services, hospitality, flight catering, travel services, IT infrastructure, property development, the automotive sector and alternate energy.
A simple and devout man Muthoot Pappachan espoused a nine point formula that stood by him in realising his goals. They are love, peace, happiness, kindness, helpfulness, patience, pleasantness, faithfulness, and self control. These ethics have been a guiding light to the path of his successors and have permeated every strata of the Muthoot Pappachan Group. The same values still govern every decision in the group.
When asked for his formula to success he quipped, “unflinching faith in the Almighty and unshakeable determination to face and overcome challenges”. In dire circumstances and sometimes in the face of loss he was heard to quote that a debit on earth will be a credit in heaven. A man, known to adhere to his word, he instilled these values throughout the organisation he nurtured.
Even at the venerable age of 75, he kept track of his expanding empire through online reports and constant updates from his sons. On gauging that tourism was developing into the core economic activity of Kerala he steered the group into the hospitality sector. With liberalisation in the economy encouraging global investment, venturing into flight catering was a need based decision. Thus Muthoot Skychef was launched. He always encouraged his sons to take risks with courage, wisely evaluate, cut their losses wherever necessary and lunge forward with renewed energy and determination.
We at the Muthoot Pappachan Group carry his legacy on with his words in our hearts “ I am because God is with me”
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