The party has no presence outside Akola and Washim district in Vidarbha region of the state.
Prakash Ambedkar is the grandson of Dr Babasaheb Ambedkar, father of the Indian constitution.
"In Punjab, Dalit community is prevalent in almost each assembly constituency and are 32 per cent of the total population. To rope in these voters, BBM has decided to contest 40 seats out of total 117 seats," Ambedkar said.
"The Republican Party of India (RPI) has no presence in Punjab. Earlier, Mayawati's Bahujan Samaj Party had a hold in a few pockets, but has lost supporters in the last few years. Which is why I think that BBM has strong chances of opening its account in the state," he added.
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BJP-Shiromani Akali Dal alliance is currently in power in Punjab.
A party leader said that Aam Aadami Party has expressed its desire to tie up with the BBM for the assembly polls. However Ambedkar said he has not received any official communication from AAP as yet.
Punjab government's Assembly tenure will end in March 2017.
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