Siddhartha Mohanty, CEO, LIC told a prominent media outlet on 18 March that Life Insurance Corporation of India (LIC) is planning to enter the health insurance market and that negotiations to purchase a health insurer are nearing completion. In order to make a major entry into the expanding health insurance industry, LIC plans to complete and announce the acquisition by March 31. Mohanty explained that LIC will not own the majority of the business it buys. In order to increase its market share in the health insurance sector, LIC later in the evening explained that it is in advanced talks with a stand-alone health insurance provider to purchase a sizeable interest. Although negotiations are advanced, no legally binding agreement has yet to be struck, according to LIC. A number of conditions must be met for the deal to be finalised, including regulatory clearances, board of directors’ approval, and other required permissions.
LIC Strengthening its Portfolio
By utilising its extensive client base and distribution network, the move is anticipated to enhance LIC’s position in the insurance industry. Siddhartha Mohanty, the chairman of LIC, had already emphasised the company’s potential in the health insurance market. LIC has experience in health insurance through the sale of fixed-benefit health products, he stated in an interview last year, but lacks knowledge in general insurance fields like property and fire. Mohanty stated that although LIC’s products are fixed benefit rather than indemnity like Mediclaim, the company does have some experience in this area. In order to go into the health insurance sector, the brand is looking into both organic and inorganic prospects, including possible acquisitions.
However, the company added that there is no promise or guarantee that the agreement will be carried out or finished. It guaranteed that, where necessary, the right disclosures would be made in accordance with the relevant legislation.
The State of the Market and Economic Performance
The growth of LIC coincides with a period of volatility in the life insurance market. According to the latest data from the Life Insurance Council, new business premiums fell 12% year over year in February. LIC saw a notable 22% decrease, bringing its new business premium down to INR 15,513.95 crore. Furthermore, LIC reported a 21% drop in new business premiums, amounting to INR 43,075 crore, in its fiscal third-quarter financial report. Nonetheless, in Q3FY25, the company’s standalone earnings increased 17% year over year to INR 11,056 crore. The decision to enter the health insurance market is viewed as a calculated move to bolster LIC’s holdings, reduce market volatility concerns, and take advantage of India’s rapidly increasing need for health insurance. Due to increased medical expenses and growing healthcare awareness, the health insurance industry has become one of the fastest-growing sectors of the national insurance market.
India’s economy and entrepreneurial spirit have flourished in recent years, leading to the emergence of the top 10 companies by market valuation as the leaders of the country’s dynamic corporate landscape in 2024.
These companies span various sectors and industries, showcasing their success and innovation and contributing to the country’s growth trajectory while influencing global markets.
In this article, we will take a closer look at the top 10 companies in India by market valuation, exploring their diverse sectors, innovative strategies, and the factors that have contributed to their success.
Reliance Industries – Top Indian Companies by Market Valuation
Reliance Industries Limited is recognized as India’s largest private-sector corporation that focuses on stakeholder-centric innovation and sustainable growth. Its motto is “Growth is Life.”
Over the years, Reliance has transformed from a textile and polyester company to an integrated player across various energy, materials, retail, entertainment, and digital services, contributing significantly to India’s economic landscape.
The company strongly believes in “What is Good for India is Good for Reliance”. It has positioned itself as a driving force behind India’s progress, especially in its commitment to self-reliance, sustainable growth, and embracing the new energy and digital-first future.
Reliance’s approach to value creation is characterized by its commitment to move “Forward with India” and “Forward with Everyone,” ensuring that the benefits extend beyond shareholders.
The company focuses on superior returns for investors, adherence to regulatory compliance, substantial contributions to the national exchequer, and extensive philanthropic initiatives through Reliance Foundation, thereby establishing itself as a responsible corporate citizen.
Reliance aims to provide superior experiences for its vast customer base across various business verticals, supported by solid partnerships with suppliers and vendors, including MSMEs and domestic manufacturers.
The company conducts its businesses ethically and respectfully, striving to uphold integrity and accountability in all endeavours. Reliance Industries Limited continues to shape India’s economic landscape while fostering a better future for all stakeholders through its relentless pursuit of excellence and commitment to societal well-being.
TATA Consultancy Services (TCS)
Founder
J.R.D. Tata
Founded
1968
Sector
Information Technology
Tata Consultancy Services (TCS) – Top Indian Companies by Market Valuation
Tata Consultancy Services (TCS) is a well-known provider of IT services, consulting, and business solutions with a history of over five decades. TCS firmly believes that innovation and collective knowledge can bring a brighter future.
It has been at the forefront of partnering with some of the world’s largest businesses and using technology to drive transformative change.
At its core, TCS is committed to fostering enduring relationships and delivering sustainable outcomes that reflect a long-term view prioritising mutual growth. This commitment also extends to its corporate social responsibility initiatives.
TCS endeavors to create more remarkable futures by connecting individuals to opportunities within the digital economy. TCS aims to contribute to a fairer and more equitable world for all, aligned with the values of its parent company, the Tata Group.
TCS empowers organisations to thrive in the digital age with its diverse services. It offers comprehensive solutions tailored to meet the evolving needs of its clients, from harnessing the power of artificial intelligence and cloud technologies to enhancing cybersecurity measures and leveraging data analytics for informed decision-making.
TCS’s expertise in consulting, cognitive business operations, IoT digital engineering, network solutions, sustainability services, and interactive experiences underscores its commitment to driving innovation and sustainability across various domains.
HDFC Bank – Top Indian Companies by Market Valuation
HDFC Bank Limited, known as HDFC, is one of the leading banks in India’s financial services sector, based in Mumbai. It was established in August 1994 and became the country’s largest private sector bank by assets, following the ‘in principle’ approval granted by the Reserve Bank of India (RBI) to its parent company, HDFC, as part of the liberalisation of the Indian banking industry.
HDFC has a strong legacy in the private banking sector and boasts an impressive distribution network with 8,192 branches and 20,760 ATMs/Cash Recycler Machines spread across 3,836 cities and towns as of February 2024.
The bank significantly emphasizes good corporate governance and has instituted a robust Corporate Governance Policy that serves as a guiding framework for managing and monitoring the bank in line with the principles of good corporate governance. HDFC Bank is committed to societal progress and champions empowerment through its social initiatives under the banner of ‘Parivartan.’
Through Parivartan, the Bank endeavours to catalyze positive transformation in the lives of millions of Indians, focusing on contributing to the economic and social development of the nation by empowering its communities sustainably.
These initiatives span a diverse spectrum, including rural development, education, skill development, livelihood enhancement, healthcare and hygiene, and financial literacy.
ICICI Bank
Founder
World Bank, the Indian government, and the Indian business executives
Founded
1994
Sector
Banking and Financial Services
ICICI Bank – Top Indian Companies by Market Valuation
ICICI Bank Limited is a renowned Indian multinational bank and financial services provider. It is headquartered in Mumbai and has a registered office in Vadodara. It offers extensive services to corporate and retail clients through various delivery channels and specialized subsidiaries.
These services include investment banking, life and non-life insurance, venture capital, and asset management. Over six decades, ICICI Group has played a vital role in fostering India’s economic growth and development, with a steadfast commitment to promoting inclusive growth.
For its exemplary commitment to corporate governance, ICICI Bank was awarded the ‘Best Governed Company Award’ by the Asian Centre for Corporate Governance & Sustainability in 2023. It also won the title of ‘Best Bank’ in the ‘Large Banks’ category at the esteemed 16th edition of the Mint BFSI Summit and Awards.
With these accolades and its continued commitment to excellence and societal impact, ICICI Bank reaffirms its position as a trailblazer in the banking and financial services industry. It is driving progress and prosperity for its stakeholders and the nation.
Bharti Airtel
Founder
Sunil Bharti Mittal
Founded
1995
Sector
Telecommunication
Bharti Airtel – Top Indian Companies by Market Valuation
Bharti Airtel is a renowned telecommunications company that provides trusted ICT services globally. Headquartered in New Delhi, India, Airtel has a vast global network spanning the USA, Europe, Africa, the Middle East, Asia-Pacific, India, and SAARC regions.
It is one of the top 3 mobile service providers globally in terms of subscribers. It operates in 18 countries across South Asia, Africa, and the Channel Islands. Airtel is known for delivering cutting-edge technology and offers 5G, 4G, and LTE Advanced services in India that cater to the evolving needs of consumers and businesses.
The company’s pioneering approach to strategic management, particularly its outsourcing model that encompasses all business operations except marketing, sales, and finance, has enabled Airtel to establish the ‘minutes factory’ model. This model is characterised by low costs and high volumes, enhancing operational efficiency and driving growth.
With its commitment to excellence and innovation, Bharti Airtel Limited continues to redefine the telecommunications landscape, providing seamless connectivity and advanced services to customers across the globe.
State Bank of India (SBI)
Founder
Government of India and Reserve Bank of India
Founded
1806
Sector
Banking and Financial Services
State Bank of India (SBI) – Top Indian Companies by Market Valuation
State Bank of India (SBI) is a Fortune 500 company headquartered in Mumbai that specializes in public-sector banking and financial services. With a legacy spanning over 200 years, SBI has gained the trust of generations of Indians.
The bank has diversified its businesses through subsidiaries such as SBI General Insurance, SBI Life Insurance, SBI Mutual Fund, and SBI Card, among others. State Bank of India (SBI) operates globally through 235 offices in 29 foreign countries, ensuring a global presence across different time zones.
SBI remains committed to evolving and continually redefining banking in India by providing responsible and sustainable solutions to its customers. The bank’s roots trace back to the early nineteenth century with the establishment of the Bank of Calcutta in 1806, later rebranded as the Bank of Bengal in 1809.
This marked the beginning of the first joint-stock bank of British India, sponsored by the Government of Bengal. Subsequently, the Bank of Bombay and the Bank of Madras were established, forming the State Bank of India.
In addition to its banking services, it operates the SBI Foundation, a philanthropic arm dedicated to supporting development initiatives in India. The foundation aligns with corporate social responsibility mandates the Ministry of Corporate Affairs set. It is pivotal in driving positive change and fostering sustainable development nationwide.
Life Insurance Corporation of India (LIC) – Top Indian Companies by Market Valuation
Life Insurance Corporation of India (LIC) is a trustworthy and reliable organization serving over 250 million lives as part of its extended family. LIC has been providing its services for over six decades and understands its profound responsibility.
It recognizes the immense value of each life it touches. While insurance is its core business, LIC views its role as fostering trust and security in the lives of millions.
LIC is headquartered in Mumbai and is the largest insurance company in India and the largest institutional investor. It manages assets worth ₹49.24 trillion (US$620 billion) as of March 2023.
LIC is a public sector enterprise owned by the government of India. The Ministry of Finance administers it. It is committed to upholding the highest standards of service and integrity.
Apart from its core operations, Life Insurance Corporation (LIC) is committed to social responsibility. It demonstrates this through initiatives like the LIC Golden Jubilee Foundation. This charitable organisation was established in 2006 and is dedicated to promoting education, alleviating poverty, and improving living conditions for the underprivileged.
One of its notable programs is the Golden Jubilee Scholarship Award, which supports meritorious students from economically disadvantaged backgrounds in pursuing higher education.
Infosys – Top Indian Companies by Market Valuation
Infosys, a global leader in next-generation digital services and consulting, is driven by a profound purpose: to amplify human potential and create the next opportunity for people, businesses, and communities.
With a presence spanning more than 56 countries, Infosys empowers clients to navigate their digital transformation journey effectively. Drawing on over four decades of experience in managing the systems and operations of global enterprises, Infosys adeptly guides clients through their digital evolution, leveraging the power of cloud computing and artificial intelligence (AI).
By infusing an AI-first approach into the core of operations, facilitating agile digital solutions at scale, and fostering a culture of continuous learning, Infosys enables clients to achieve sustained growth and innovation.
The company is deeply committed to upholding good governance and environmental sustainability principles, fostering an inclusive workplace where diverse talent thrives.
As an Innovation and Knowledge Hub, Infosys spearheads initiatives like the Infosys Knowledge Institute, offering thought leadership to steer enterprises through their digital transformation journey.
Additionally, Infosys invests in entrepreneurial ventures globally through its Innovation Fund, established in 2015, and collaborates with startups worldwide through the Infosys Innovation Network, facilitating partnerships for client implementation.
Through these initiatives, Infosys remains at the forefront of driving digital innovation, knowledge dissemination, and sustainable growth, shaping a future where businesses and communities thrive in the digital age.
ITC
Founder
William M. Jacks
Founded
1910
Sector
Conglomerate
ITC – Top Indian Companies by Market Valuation
ITC, a leading Indian conglomerate, operates across diverse sectors, including fast-moving consumer goods, hotels, paperboards and packaging, agribusiness, and information technology. Recognised as India’s most admired company in a survey conducted by Fortune India in collaboration with Hay Group, ITC’s success is driven by its multifaceted approach to business.
As a leader in FMCG marketing and the Indian Paperboard and Packaging industry, ITC has established itself as a pioneer in farmer empowerment and responsible luxury hospitality. The company’s subsidiary, ITC Infotech, offers specialized digital solutions globally.
Over the years, ITC has developed a robust portfolio of 25+ Indian brands, leveraging its institutional strengths in consumer insights, R&D, and brand-building.
Embracing the ethos of ‘Nation First: Sab Saath Badhein’, ITC prioritizes societal value alongside profitability, leading in sustainability efforts and solid waste management through initiatives like the Well-being Out of Waste program.
Collaborating with farmers and local communities, ITC implements climate-smart and sustainable agriculture initiatives, aligning with the vision of doubling farmer incomes. In line with the “Make in India” initiative, ITC also invests in world-class manufacturing facilities and hospitality assets, reaffirming its commitment to India’s future development and competitive capacity.
Hindustan Unilever (HUL)
Founder
Hindustan Vanaspati Manufacturing Co., Lever Brothers India Limited and United Traders Limited
Founded
1933
Sector
Consumer Goods
Hindustan Unilever Limited (HUL) – Top Indian Companies by Market Valuation
Hindustan Unilever Limited (HUL), a British-owned Indian final goods company headquartered in Mumbai, is a subsidiary of Unilever. Established in 1931 as Hindustan Vanaspati Manufacturing Co., it was renamed Hindustan Lever Limited in 1956 and later became Hindustan Unilever Limited in 2007.
With a 90-year heritage in India, HUL is the country’s largest Fast Moving Consumer Goods (FMCG) company, offering over 50 brands across 16 categories.
As part of Unilever, a global leader in FMCG products, HUL benefits from extensive resources and expertise. It operates in over 190 countries and is known for its commitment to environmental, social, and governance principles.
HUL’s reputation extends beyond its products; it is India’s top ESG-rated FMCG company and the preferred employer across sectors. In a rapidly evolving world emphasizing digitization and sustainability, HUL remains dedicated to its purpose-led journey, ensuring it continues to meet the needs of consumers while fostering a sustainable future.
India’s vibrant corporate landscape in 2024 reflects a remarkable fusion of innovation, sustainability, and societal impact across diverse sectors. The top 10 companies by market valuation include names like ITC, Reliance Industries, HUL, Infosys, TCS, HDFC Bank, ICICI Bank, Bharti Airtel, SBI, LIC India.
Collectively, these companies not only drive India’s economic growth but also shape its social fabric through impactful initiatives that empower communities and foster sustainable development.
As India continues on its trajectory of progress, these companies serve as beacons of excellence, driving innovation, and contributing to a brighter future for all stakeholders.
FAQs
Which is the largest private company in India?
Reliance Industries is considered the largest private company in India.
Is Tata bigger than Reliance?
If we talk in terms of market valuation and revenue, Reliance is considered to be bigger than Tata. However, both have a wide range of businesses and are in a headstrong competition.
What is the richest company in the world in 2024?
Microsoft is considered as the richest company in the world for the year 2024 based on its market cap of $2992 billion. It is closely followed by Apple and Nvidia corporation.
