Dabur India will also sell its natural-gums wing as part of the restructuring. The company will also enter into a joint venture for its pharmaceutical business.

Dabur India chairman told the company's 23rd annual general meeting that his company "plans to form a 100 per cent subsidiary by the name of Dabur Foods Limited, which will look after existing food products - Real Fruit Juice, Homemade Cooking Pastes, Lemoneez Lemon juice and Capsico Chilli Sauce".

Burman recently took over the chairmanship of Dabur India from AC Burman, who is now the chairman emeritus of the company.

He told shareholders that the company is looking for a strategic partner for its branded pharmaceuticals division. Burman said although shareholder's permission has been taken for Ayurvet also, the company does not have any immediate plans of spinning off Ayurvedic veterinary products into a separate company.

Burman said Dabur is planning to get out of the natural-gums business, as it does not gel with core competences of the company. He said the plans for oncology business are under discussion.

An enabling resolution was passed at the AGM for evolving a stock-option plan. According to the resolution, a maximum of 5 per cent of issued and subscribed equity share capital will be put under the scheme. This scheme will be executed through a welfare trust on a preferential allotment basis.

Burman outlined the initiatives taken by the company to bring in cutting-edge skills in the company in the intensely competitive scenario. He informed the shareholders that the company has taken a decision to appoint a professional chief executive officer who would take charge by the end of the year.

"Our vision is to be among the top fast-moving consumer good companies in the country, incorporating the best industry practices" said Burman.

Dabur India has interests in the field of health care, personal care, and foods. The company appointed McKinsey & Co a year back to look into the health of the company and suggest initiatives required in operations, strategy and restructuring its business portfolio. Dabur India Ltd has also decided to hand over day-to-day management to professionals. The company is targeting a turnover of Rs 2000 crore by 2003.