The announcement was made by LJD national secretary Sushila Morale at a press conference where Mr Yadav was also present, but he insisted that he was not yet a member of the new party as his legal claim to represent the JD(U) was still subjudice.
Mr Yadav, however, said that the LJD would have his blessings.
A national conference of the newly-formed outfit will be organised on May 18 and Mr Yadav will be present for it as a margadarshak (mentor), Ms Morale told reporters here.
A case is pending before the Delhi High Court in connection with the claim staked on the JD (U)'s arrow symbol by the Sharad Yadav-led faction after the Election Commission rejected its plea for granting it the symbol.
In December last year, Mr Yadav had also moved the Delhi High Court seeking the setting aside of his disqualification from the Rajya Sabha.
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