Addressing shareholders at the FMCG's 66th annual general meeting on Friday, he said: "Today's core activities are the foundation for new businesses, which in course of time will create further businesses, in a virtuous cycle.

"What is critical is to be pro-active and farsighted in creating this cycle. Our entry into ventures like branded staples, customised personal care products and vending are examples of our vision. More such ventures must and will follow," he added.

Dadiseth said HLL has appointed a dedicated team of managers to suggest a growth blueprint for the company, which will be implemented through a new model of business through people growth.

To achieve rapid sustainable growth, HLL would simultaneously manage three horizons -growing current businesses, expanding into related businesses, and seeding operations for future growth. Current categories will grow through increasing consumption and reach with innovative business systems, the chairman said.

"Our quest for growth is underpinned by a strong belief that the next millennium will be the millennium of knowledge. This inevitably means that people, as carriers of knowledge, will be an organisation's most important asset. The millennium of knowledge calls for a new paradigm - business growth through people growth," he said.

The better the company harnesses the potential of our excellent people, the faster Hindustan Lever will grow. Equally, the faster HLL grows, the more opportunities we can create to excite and retain our talent, the chairman said.

Speaking about three pillars which will support this model, Dadiseth said the key to sustaining business growth is to combine insight and foresight with creative application of technology to develop markets and meet evolvingneeds of consumers.

Information must also be converted into distinctive knowledge and capabilities for an unbeatable competitite edge. Most importantly, to win in the millennium of knowledge, the company must continue to attack, excite and retain the best talent in the country, he added.

In the new business model, HLL will provide its management with unparalleled powers to imagine, innovate and implement new ideas, fully supported by investments in technology, research, marketing and people development.

"As our people increasingly acquire more capabilities our businesses will develop and retain their competitive edge. This will, in turn, attract more and more talented people, completing the virtuous cycle," Dadiseth explained.

Insisting on providing operational autonomy, he said people must have the freedom to implement their business ideas in a manner most relevant to their consumers, but they must also be accountable to the strategic framework.

This approach of freedom within a framework ofaccountability will require us to review our organisation structures and people management systems.

"All these steps - increasing consumption, expanding infrastructure to reach new geographics, and developing cost-effective business systems - will maximise the potential of today's core businesses. But they will also open up altogether new business opportunities. The extensive interface we are building with consumers is adding to our understanding of emerging needs. This understanding will help us manage our other horizons of growth," Dadiseth said.