With a brand value of $28.6 billion, Tata Group is India’s most-valuable brand for the 15th consecutive year, with an impressive 9% growth over 2023, new rankings by Brand Finance showed. This is the first time an Indian brand has come close to the $30-billion brand value benchmark, according to the report.
Brand value is the net economic benefit that a brand owner would achieve by licensing the brand in the open market, as per Brand Finance.
“Tata Group’s brand prominence has ascended meteorically, propelled by strategic Indian Premier League (IPL) sponsorships, aeronautical rebranding endeavours, and an expansive footprint bolstered by the flourishing retail domains of Westside and Tata Consumer products,” said Savio D’Souza, senior director at Brand Finance.
Tata Group’s Taj, with a valuation of $545 million, has been recognised by the 2024 Brand Finance report as India’s “strongest” brand, with an impressive brand strength index (BSI) score of 92.9 out of 100 and a prestigious AAA+ rating.
Brand Finance evaluates brand strength based on factors such as marketing investment, familiarity, loyalty, staff satisfaction, and corporate reputation. These elements, combined with revenue forecasts, play a crucial role in determining brand value.
In the report, Westside topped the list of fastest-growing brands in India, with a 122% brand value growth, ahead of Motherson (86%) and Sonata Software (83%). “This is a clear indication of the confidence levels in Westside’s present business strategy and performance and the anticipated continuing success in the market,” said Samit Sinha, managing partner at Alchemist Brand Consulting.
Other Indian brands showing significant growth in brand value include Infosys, which has maintained its position as India’s second-most valuable brand with $14.2 billion, reflecting a steady 9% increase despite the global slowdown in the IT services sector. HDFC Group has taken the third spot, with a brand value of $10.4 billion, following its merger with HDFC Ltd.
In the pecking order of industry sectors, the telecom sector achieved a 61% growth in brand value, followed by banking (26%).
The banking brands posted impressive double-digit growth in brand value with Indian Bank, IndusInd Bank and Union Bank leading the pack.
Mahindra leads the Indian auto brand landscape with a brand value of $3.4 billion. Larsen & Toubro–with a brand value of $5.2 billion–tops the engineering table, while Amul is the leading Indian food and drinks brand with an 11% brand value increase to $3.3 billion.
