Indian Oil Corporation (IOC) entered the coveted list of the global 500 world’s most valuable and strongest brands for the year 2020. The list was released at the World Economic Forum in Davos by Brand Finance, an independent brand valuation consultancy. There are only 11 Indian brands in the coveted list and IOC is the only brand from India in the oil and gas sector to feature there. In the overall global 500 list, Indian Oil is ranked at the 415 position.
In the oil and gas sector, the PSU jumped 11 places to be ranked 23 in the world’s top 50 most valuable oil and gas brands. The Brand Finance survey is conducted across 29 countries covering 10 key sectors. Brand strength is measured on the efficiency of a brand’s performance on intangible measures relative to its competitors.
The brand strength index (BSI) is made up of three factors- marketing investment, stakeholder equity and the impact of those on business performance. Based on these factors each brand is assigned a BSI score out of 100, which feeds into the brand value calculation. Based on the score each brand is assigned a ranking.
With a 33,000-plus workforce, extensive refining, distribution, marketing infrastructure and advanced R&D facilities, IOC provided access to energy to millions of people through its ever expanding network of customer touch currently numbering over 50,000. IOC is one of the most largest and trusted company of India with turnover of RS 6,05,924 crore and net profit of Rs 16,894 crore for 2018-19.