Veteran politician Ghulam Nabi Azad on Friday said he would launch a new party soon and that its first unit would be set up in Jammu and Kashmir.

"I am in no hurry as of now to launch a national party but keeping in mind that elections are likely to be held in Jammu and Kashmir, I have decided to launch a unit there soon," Azad, who resigned from the Congress earlier in the day, told PTI.

Azad, who had served as Leader of Opposition in Rajya Sabha, Union minister under various prime ministers and the chief minister of the erstwhile Jammu and Kashmir, refused to divulge any further details on the formation of his new party.

Refusing to be dragged into any discussion over his resignation, Azad said, "I have thought about this decision for long and there is no going back."