The Reliance Industries USA has bought out Unifi Kinston’s polyester manufacturing facility sited in North Carolina at around US $12.2mn. The company has announced that it will spend around US $215mn on its new acquisition, which is expected to generate around 200 new jobs over the coming five years. As per the agreement with the North Carolina department of commerce, 'Reliance Industries USA could get about US $2.22 million in maximum benefits if it could generate jobs called for under the pact.’

At its new unit, the Reliance Industries USA plans to produce polyethylene terephthalate resin as well as specialty polyester yarns. The Reliance Industries USA president Thakur Sharma said that the newly acquired polyester plant has got a variable facility, with skilled workers and provision for training too. Other than this, this unit will also provide Reliance Industries USA an established market apart from state and local incentives, which is expected to balance the high costs of setting up such a vital manufacturing unit.  Unifi Kinston anticipates a profit of US $6.9mn from the asset sale.