Consumer products giant Hindustan Lever Ltd's plan of playing venture capitalist and promoting new business ideas generated by its own executives seems to have fizzled out.

The initiative, as unique as the company itself, was part of HLL's Project Millennium announced by its former chairman Keki Dadiseth. Towards this end, the company had set aside around Rs 150 crore (Rs 1.5 billion) for this internal venture capital fund.

But till date, HLL has funded one such project in the area of information technology being applied to its operations. "For all practical purposes, the VC plan is dropped," HLL sources said.

The plan was to attract and retain high caliber talent within HLL. The mechanism established within the company was that it would allow any employee to become an entrepreneur.

The businesses, if exciting and viable, were to be funded by the internal fund of HLL, with the conceiver of the idea being allowed to participate and its implementation as well as profits.

HLL still remains cagey about sharing information about the fund or its sole project. It may be noted that when HLL announced the plan the market environment was different from now.

Project Millennium was a blueprint for growth over the years like entering new business. The areas includes confectionery (Max), healthcare (Ayush) and the much awaited water foray. Part of the project also included betting big on the foods business.

Some of the growth engines was a business model for rural India aimed to improve HLL's penetration there and leveraging on the power of internet to connect and transact.

Named project Shakti, HLL in partnership with self help groups of rural women now covers 6000 SHGs in 4,700 villages of 42 districts in Andhra Pradesh, Karnataka and Gujarat.

Its redistribution stockists net initiative that aims at connecting redistribution stockists through internet now covers stockists of the home and personal care business and foods and beverages in close to 1200 towns and cities.