Amravati, Sept 6 : President Pratibha Patil today laid the foundation stone of the Finlay textile mill at Achalpur in Amravati district of Maharashtra.

The textile mill, which was initiated as a private enterprise in 1903, was closed down in 1959. Then, it was taken over by the Government of Maharashtra and brought under state textile corporation in 1972 and subsequently nationalised on April 1, 1974.

The unit was closed down once again in 2003. The new Finlay mill is now being relocated on this spot with the sophisticated machinery through the investment of Rs 326 crores.