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Diversified conglomerate GMR Group has launched a new business vertical - GMR Innovex - to support StartUps as well as innovations in aviation and other fields.

"GMR Innovex will operate on an 'Open Innovation' model, acting as an 'Innovation Exchange' to partner with startups, corporates, innovation platforms, research institutions and academia to bring innovative ideas and solutions to life and help to nurture and sustain a 'Culture of Innovation and Entrepreneurship'," the group said in a statement.

"A dedicated new facility for innovation has also been established at the Hyderabad Airport campus to act as a platform for various innovation activities by various collaborating startups, industry partners and GMR employees."

According to the statement, GMR Innovex will focus on innovations across both digital and non-digital domains to deliver improved efficiency, better customer experience and higher value to all stakeholders.

"It will create a structured mechanism to build creative ideas, nurture and foster them, and build a 'Go-To-Market' strategy for all successful initiatives. It will provide an avenue for its partners to work on their ideas and bring it to a forum to validate."

"The advantage that this exchange brings in is that collaborators can also try their products or services at GMR Innovex across a very large landscape of 'Airports, Air Cargo, MRO, Logistics, and other Infrastructure' sectors."

In addition, GMR Innovex announced innovation-focused partnerships with multiple new partners including Airbus; 'Plug and Play' (leading global corporate innovation platform); 'Swedish Institute' (SI); 'T - Hub' (Innovation intermediary and business incubator based in Hyderabad); IIT-Hyderabad; International Crops Research Institute for the Semi-Arid Tropics (ICRISAT) and Schulich Business School (Business School of York University Located in Toronto, Canada).