Tech giant Wipro Thursday said it would hike investments in tools, technologies and solutions that were likely to deliver significant business value over the next few years.

The Bangalore-headquartered company, the third largest Indian software exporter, is also planning to tie up with leading academic institutions like the Indian Institute of Science to develop innovative technology and products.

"We institutionalised the spirit of innovation through our innovation initiative six years ago and are now deriving business value from these investments," Azim Premji, chairman of Wipro, told a press conference here.

He said that annualised revenues generated as a result of innovations from Wipro's innovation initiative and its 40 centres of excellence together account for over $100 million.

These centres have close to 500 professionals working on a portfolio of projects in the areas of new service lines, business solutions and research and development.

During the last quarter that ended Dec 31, 2005, 29 of Wipro's "new engagements" came as a direct or indirect result of innovations, said the tech industry leader.