Chennai (PTI): In a significant move, the AIADMK and the CPI(M) on Friday jointly announced that they have formed an alliance for next year's Lok Sabha elections.

The announcement came after the "wide ranging" discussions, held between CPI(M) General Secretary Prakash Karat, and his AIADMK counterpart Jayalalithaa, on various issues.

Speaking to reporters after an hour-long meeting, Jayalalithaa described the meeting with Karat as "cordial".

"I am happy with the meeting. The AIADMK and CPI(M) will enter into an electoral alliance (for the Lok Sabha elections)," she said.

Karat said the two parties would be holding more discussions.

Asked about the possible entry of other parties like the PMK, Jayalalithaa said, "wait and see".

Slamming the Congress-led UPA government at the Centre on various fronts, she said, "we need a strong government that would restore the economy."