In many applications like video conferencing, teleconferencing, speaker recognition systems and mobile communication etc., the quality of speech is degraded due to the cocktail problem. The solution to this problem is to separate the speech signals using Independent component analysis. In this paper we proposed Wavelet based Maximum likelihood estimation technique and Wavelet based Minimization of mutual information of ICA techniques to separate the speech signals. The performance of the speech separation is measured using Signal to Distortion Ratio (SDR). The wavelet based ICA simulation in Matlab gives improved SDR compared to conventional ICA. © Research India Publications.