Tata Group, with a brand value of $28.6 billion, has retained its title as India’s most valuable brand, according to a new report from brand valuation consultancy Brand Finance released on Thursday.
The Brand Finance India 100 2024 report also highlights that the group’s Taj hotel brand has been ranked as the strongest Indian brand.
According to Brand Finance, Tata Group’s brand value marks the first time an Indian brand has approached the $30 billion mark, reflecting the prevailing optimism in the Indian economy.
“Over the last triennium, the Tata Group has orchestrated a rigorous organisational refinement, wholeheartedly embracing digital transformation and cutting-edge technology across its manifold enterprises. Concurrently, its brand prominence has ascended meteorically, propelled by strategic Indian Premier League sponsorships, aeronautical rebranding endeavours, and an expansive footprint bolstered by the flourishing retail domains of Westside and Tata Consumer products. Moreover, the conglomerate persistently pioneers in societal well-being and ecological stewardship, establishing benchmarks of global eminence,” said Savio D’Souza, Director, Brand Finance.
Meanwhile, Infosys ranks second, while HDFC Group has surged to the third spot as the most valuable Indian brand, driven by its merger with HDFC Ltd.
Banking brands have achieved double-digit growth in brand value, with Indian Bank, IndusInd Bank, and Union Bank leading the way in the report.
The telecoms sector has achieved a 61% growth in brand value, followed by the banking sector with a 26% increase, and the mining, iron, and steel sectors, which have recorded an average growth of 16%. Telecom giants like Jio, Airtel, and Vi have driven this growth by adapting to changing consumer device usage patterns. In the banking sector, structural reforms and regulatory improvements have enhanced the brand values of leading public sector banks, the report said.
“In the past year, India has become one of the most viable destinations for manufacturing, engineering services, knowledge hub for R&D and continues to be the flagbearer of IT services globally. As a result, formidable brands such as Tata, Infosys, SBI, Airtel, Reliance, Taj Hotels, L&T, MRF and all continue to punch well above their weight on the global stage,” said Ajimon Francis, Managing Director, Brand Finance India.
Other brands like Raymond, Hexaware, Zetwerk, Indigo, HMEL were among other Indian brands which gained recognition.
The fastest-growing Indian brands are led by Westside, which saw a 122% increase in brand value, followed by Motherson with 86% growth and Sonata Software with 83% growth.