Chacko Iype founded Puthethu Oil Mill in 1956 at Kallissery. A visionary and a loving and caring father to the entire Puthethu family, he always put his faith in God with every step he took in his life. Appreciated from a very young age for his ability to take well calculated risks, he was also an absolute gentleman whose word was his bond. Upon venturing into wholesale trading of coconuts, he convinced the local coconut dealers to sell him the coconuts they collected from houses in the neighbourhood. He would then sell these in bulk to wholesalers. The local dealers were able to get ready cash for their produce, while he took on the risks associated with storage, sales and dealing with market fluctuations in coconut prices.

A man of strong family values, he saw to it that the business did not come in the way of him and his four siblings and their families remaining close-knit throughout his life. He was a guiding light for all members of the Puthethu family residing in Prayar and Kallissery region.

He passed on his legacy and principles of Integrity, Trustworthiness and Goodwill to his six children, grandchildren and great-grandchildren. His son, Mr. P.I. Thomas currently owns and operates Puthethu Oil Mill.