Ratan Tata is looking out for a buyer for Cyrus Mistry's stakes

Following Cyrus Mistry’s removal as Tata Sons Chairman, Ratan Tata is apparently looking for a partner that could buy out the Tata Sons stake held by Mistry’s family.

Bloomberg quoted sources saying the Tata family Trusts have contacted sovereign wealth funds and other long-term investors to see if they were interested in purchasing the Mistry family's stake if it became available.

The Trusts held preliminary talks with potential buyers of the about 18% Tata Sons stake as they prepare for a number of possible scenarios. Mistry's family doesn't currently plan to sell its holdings, the people told Bloomberg.

Tatas want to make sure the new investor is a friendly partner, if Mistry's family later decides to sell its stake in the Tata Group holding company.

Tata Sons owns more than $65 billion worth of listed company shares, data compiled by Bloomberg show.

“Mistry is still considering his next steps and plans to make a decision on his response to the ouster in the next couple of weeks,” another person told Bloomberg.

Tata Sons owns major stakes in TCS and Tata Motors. It controls Indian Hotels Co.