India, Jan. 30 -- A week after it announced the acquisition of D2C startup Minimalist for a cash consideration of INR 2,670 Cr, FMCG giant Hindustan Unilever Ltd (HUL) has sought the Competition Commission of India's (CCI's) approval for the deal.

"The acquirer (HUL) proposes to acquire 90.5% shareholding of the target (Minimalist), with eventual acquisition of the remaining 9.5% shareholding of the target in about two years from the completion date as per the terms set out in the share purchase & subscription agreement executed by and between the parties," the FMCG company said in its filing with the CCI.

As part of the deal, HUL will also make a primary infusion of INR 45 Cr in Minimalist. It would acquire the remaining 9.5% stake in ...