New Delhi: Business Process Outsourcing (BPO) major Genpact has entered into a joint venture with NIIT to launch the 'NIIT Institute of Process Excellence'.

The joint venture aims to tap the growing demand for skilled professionals in the BPO industry. "IT-enabled service industry is growing at a fast rate and is expected to require 1.4 million professionals by 2010," NIIT chief executive Vijay K. Thadani said at a press conference Wednesday.

"Shortage of employable workers is the single largest impediment to growth. We hardly see a yield of more than 7-10 percent in the hiring process because of lack of industry-ready workers," Genpact president and chief executive Pramod Bhasin said.

There is dearth of skilled employable talent in the industry, he said, adding: "This institute aims to bridge the gap between demand and supply by training graduates and making them industry-ready."

The joint venture will have an initial capital of Rs.250 million and facilities in seven cities across the country in its initial year.

"We have identified seven cities in the country to start with. We will very shortly expand to tier II cities," NIIT's Thadani said.

"We will also expand to China and the Philippines by next year," he added.

NIIT will hold 75 percent stake in the venture and will bring in proportionate capital while the rest will be borne by Genpact.

The institute will charge a fee of Rs.20,000-25,000 ($476-595 approximately) for a four-month programme that will include three months of training and one month of internship.