FMCG major Hindustan Unilever Limited (HUL) has completed the acquisition of a 90.5 percent stake in Uprising Science, parent company of personal care brand Minimalist for Rs 2,706 crore ($318 million).

Last month, the Competition Commission of India (CCI) had approved HUL’s proposal to acquire a majority stake in the brand.

“The company has completed the acquisition of 90.5 percent shareholding of Uprising through a combination of primary infusion and secondary acquisition for a total cash consideration of Rs 2,706 crore in accordance with the terms and conditions of the SPSA,” HUL said in a regulatory filing.

“With this, Uprising Science and its subsidiaries have now become subsidiaries of HUL,” it added.

HUL plans to acquire the remaining 9.5 percent stake in the business from its founding brothers Mohit and Rahul Yadav in the coming two years.

Founded in 2018, Minimalist offers skincare, haircare, and body care products. It retails through its e-commerce website, online marketplaces, Nykaa’s offline stores, general beauty trade outlets, and independent pharmacy stores.

Author Credits- Maverick Martins, FASHION NETWORK