KATHMANDU: Former Prime Minister Dr. Baburam Bhattarai has initiated preparations for the formation of a new political outfit, Nepal Samajwadi Party.

Dr. Bhattarai, who was the Federal Council Chairman of Janata Samajbadi Party (JSP), has intensified discussions with the leaders close to him about forming a new party.

He was ousted from JSP recently.

Earlier, Dr. Bhattarai held an extended meeting of the JSP Central Committee in Kathmandu.

He is preparing to register the new party with the Election Commission within a few days.

Meanwhile, the new party will have three Chairmen, including himself, a source close to Dr. Bhattarai said.

Also a former Maoist leader, Dr. Bhattarai had established Naya Shakti Nepal in 2016 after walking away from the Maoist party alleging the leadership for deviating from the party principles.