Kamat was a Member of Parliament for the Mumbai North West constituency in 2009 and the Mumbai North East constituency in 1984, 1991, 1998 and 2004.
His son Sunil lighted the pyre and a police contingent gave the departed leader a gun salute.
The telecom ministry will decide on the merger between the state-owned telecom companies, Bharat Sanchar Nigam Ltd and Mahanagar Telephone Nigam Ltd, only after the listing of the former.
Power starring Amitabh Bachchan, Anil Kapoor, Sanjay Dutt, Ajay Devgn, Ameesha Patel and Lekha Washington goes on floor on 4 October.