Tata Group-backed Panatone Finvest, a holding company, agreed to acquire a 10% stake in Tata Communications, an operator of telecommunication services, from the Government of India, for $737m. "We wish to inform you that we have 2,85,00,000 equity shares held by us in Tata Communications Limited representing 10% of the total shareholding of the company, to the buyer on March 18, 2021 by way of an off-market trade," Department of Telecom on behalf of the President of India.