Like most of the other HR questions, this question will also have different answers for different people and positions. The key here is to focus on what all main qualities (required to be successful in the role you applied for) the company is good at. You can almost always find few quite good things about the company you are looking for.
Hmm... so start focusing on what are the areas the company is really good at from an employee point of view such as innovation, actual development work, quality of development work, etc. Completed? Good. You would now be having a list of the areas the company is impressive at and you're half done by now. What's next? Nothing great. You just need to see how the position you applied for, will fit in the scheme of the things.
So, a person applying for a design and developmet position may start with saying "I would like to work for the company for quite a few reasons and one main reason is that the company is really innovative and it's regarded as one among the best for this in India (or globe whatever). This will give me a chance to develop and refine my skills to a great extent and in turn it will help me growing as a better developer...". You can go on saying why you're suitable for such a company/position by saying "I've always been considered as a good problem solver. During my stay in the previous company (Or in my college - for freshers) I got few opportunity to prove my worth and I managed all of them successfully... I'm a good learner and my focused work can really produce good results. This position/company will only motivate me to try and do even better."
Then you can move on to the work environment the company can provide for you. Without a conducive working environment no company can draw best out of its employees and certainly won't be a favourite among the professionals. In the worst case if you think that the company is not that good in that area then also you got to respect the company and term it at least 'decent' in your interview :-)
You can probably then move on to the other specific benefits, the position can offer you, like on-site opportunities, client interaction, trainings, etc.
Finally, if you're getting a good pay hike then you may like to be little honest and mention that also as one of the reasons, but saying that in the last part of your answer is preferable. It'll not be good idea to start your answer straightaway mentioning that point. Be honest, but do avoid being brutally honest :-)