The US based mobile chip supplier- Qualcomm made an announcement to sell of its 26 percent stake to Global Holdings and Tulip Telecom. This deal is for its India broadband venture and will fetch around about $58 million to the company.

The reason for offloading its stake to these Indian companies is that as per the laws of Indian Broadband Venture by any foreign company, Qualcomm's cannot exceed beyond 74 percent. So the rest of stake has to be partnered by Indian companies.

The US giant recently spent around $1 billion in a recent auction of airwaves in India. As the company is betting high on the sales of advanced cell phones and chips in India that will be affected by the ownership of airwaves in the long term.

Thus the company also aims to get spectrum in next two three months time and will also roll out its broadband services in by next year.

Thus this will make the company to directly compete with Mukesh Ambani's Reliance Industries.

Qualcomm also has a history of winning spectrum bids in the United States and Britain. The company has even managed to win wireless broadband spectrum in four zones out of the total 22 telecoms zones in India.