Kolkata, Sep 23 - Ambuja Realty Wednesday inaugurated the first phase of its 'Ecospace' business park on the northeastern fringes of the city.

Harshavardhan Neotia, chairman of the company, said at the inauguration: 'We have a plan to invest Rs.290 crore for the whole project. But for the first phase we have invested Rs.180 crore, including the cost of the land.'

The project built on 10 acres in New Town is expected to generate employment for 10,000 people once completed.

Ecospace is a 20-acre project, of which Ambuja is constructing 10 acres and the rest is being readied by RMZ of Bangalore.

The major companies that have already sought space in the project are HDFC Bank, Acclaris, Calcom Cement and Thyssenkrupp among others.

Talking of skilled manpower, Finance Minister Pranab Mukherjee, who was present at the inauguration, said there should not be any demand-supply mismatch between the availability of skilled manpower and industrial needs.

He stressed that development should be of prime importance. In a multi-party democratic system there should not be divergence of views regarding development, he said.