CHENNAI: Well-known industrialist and philanthropist M.Ct. Muthiah died here in the early hours of Monday. He was 76.
Family sources said he died in his sleep around 5 a.m. He was suffering from a heart condition for sometime now.
A scion of the famous M.Ct.M family of Chettinad, Mr. Muthiah was born in October 1929. After his studies in Doon School, he took his higher education from Allahabad University. He got an MBA degree from Chicago, United States.
His grandfather Sir M.Ct. Muthiah Chettiar was the founder of United India Life Insurance Company. His father M.Ct.M. Chidambaram Chettiar was the founder of Indian Overseas Bank, United India Fire and General Insurance Company and Travancore Rayons.
After his father's death in 1954, Mr. Muthiah took over the mantle of the family and headed Indian Overseas Bank. He was the chairman before it was nationalised in 1969.
He was Chairman of United Fire and General insurance company and president of the Southern India Chamber of Commerce and the Andhra Pradesh State Finance Corporation. He was also Director of Indian Bank.
Mr. Muthiah headed the Federation of Automobile Dealers Associations of India, the Motor Vehicle Allied Industries Association and the Southern India Chamber of Commerce and Industry. He was a director of Lakshmi Machine Works Limited
A keen golfer and horse rider, Mr. Muthiah was a steward of the Madras Race Club. He was president of the Trust Boards that run the M.Ct.M. Boys and Lady M.Ct. M. Girls Schools, besides Sir M.Ct. Trust Centenary School.
He is survived by his wife and two daughters.