Sankeshwar, who represents Dharwad north constituency, told PTI that he had already conveyed his decision to the Karnataka unit president Basavaraj Patil Sedam three days ago, when he was in Hubli.

"BJP in Karnataka is sinking day by day," Sankeshwar said.

The new party, he said, would be akin to Telugu Desam and the All India Anna Dravida Munnetra Kazhagam, with the goal of protecting the 'interests of Karnataka'.

The name of the party and symbol will be decided after holding discussions with 'like minded people', said Sankeshwar, who is the owner, printer and publisher of Vijaya Karnataka, a leading Kannada daily, as also the English daily Vijay Times. Sankeshwar also runs the VRL transport group.

Apparently taken aback, Sedam declined to give immediate comment on Sankeshwar's decision. "We are collecting the information," he said.