Vidarbha has been part of Maharashtra since the state's inception in 1960.
To be called Vidarbha Rajya Aghadi (ViRA), the party will be limited to the region comprising 11 districts.
Starting with contesting local bodies polls in December, ViRA will contest all elections in the coming days.
"We have no choice but to start our own political party since no large party - the Congress, or the BJP or the NCP - for that matter in the state are keen on creating Vidarbha state," Aney told reporters on sidelines of a workers' meeting of ViRA.
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"By garnering pro-Vidarbha voter base, we wish to create a threat perception to national parties which have betrayed the cause of Vidarbha and politically neglected it for over five decades," he alleged.
"The Congress has been dithering for decades, the NCP is sitting on fence and the BJP's commitment for Vidarbha means little as long its main leader and Prime Minister Narendra Modi does not change his mind.
"Despite the BJP's avowed stand to support creation of smaller states, Modi has made sounds that show he is against granting statehood to Vidarbha. So we have no expectations from large political parties," the former AG said.
"'Vyakti-puja' (worship of an individual) has been the biggest bane of Indian politics and dynastic politics is the order of the day. For ViRa all that matters is justice to people of Vidarbha," Aney said, entry would be barred to established leaders from other parties in the new outfit.
"Instead, it (the party) will look for developing new leadership with credibility," he added.