It is also looking to take its various food and personal product brands global in the next five years.
"Yes, we will get into dairy products. We are experimenting with a programme in Munger in Bihar, under which we are helping cattle-owners improve yield from one litre to 10 litres.
"With so much milk, the next step will be to get into value-added products. We will collect the milk, process it and then market it," said chairman Y C Deveshwar, who recently got a five-year extension effective February 2012.
The company is looking to triple its FMCG turnover from Rs 5,000 crore (Rs 50 billion) to Rs 15,000 crore (Rs 150 billion) in five years.
This does not include cigarettes.
Deveshwar said once the dairy experiment in Bihar was successful, ITC would extend the model across the country and enter the entire value chain from milk to processed foods.
He said ITC would also enter beverages. "We will get into beverages and tea, coffee and aerated drinks
ITC chief to pave way for successor by Feb 2017
Y C Deveshwar reappointed ITC chairman
Mystery fever toll climbs to 46 in Bihar
World Cup ad rate can touch Rs 24 lakh per 10 secs!
Meet the man behind India's Genome Valley