Global telecom player, Qualcomm has said that it is going to sell its 26 per cent stake in its Indian broadband venture with Global Holdings and Tulip Telecom. The price has been set at $58 million.

The US-based telecom chipmaker had spent $1 billion for buying wireless airwave in the BWA auction that took place recently. The company has been depending on its ownership of air wave to be able boost its sale of advanced cell phones and chips in India.

Qualcomm has 74 per cent stake in Indian broadband venture and the total investment that it has done on this front is $164.3 million.

This is so because as per Indian laws the total stake cannot exceed 74 per cent. The remaining stake has to be owned by Indian firms.

The company is expecting that it will get its broadband within next two to three months time and has planned that it will launch services in 2011.

Meanwhile, Global Holdings is telecom infrastructure firm that is formed by two firms GTL Ltd and GTL Infra. Tulip and GTL have got 13 per cent each in the new broadband unit of Qualcomm in India.