India, March 18 -- The Competition Commission of India (CCI) has approved FMCG giant Hindustan Unilever Ltd's (HUL) proposal to acquire a majority stake in D2C personal care brand Minimalist.

This comes about two months after HUL sought the competition watchdog's approval for the acquisition of the D2C startup.

As per the agreement signed between HUL and Minimalist, the FMCG major will acquire 90.5% stake in Minimalist parent Uprising Science for a cash consideration of INR 2,670 Cr at a pre-money enterprise valuation of INR 2,955 Cr.

The acquisition would help HUL strengthen its beauty and personal care portfolio. Earlier this month, HUL parent Unilever's new CEO Fernando Fernandez said that its Indian subsidiary is doing well and is ...