After failing to halt the bifurcation process, Chief Minister N Kiran Kumar Reddy will step down on Wednesday. He is now left with no option but to quit following the Lok Sabha passing the historic bill for creation of separate Telangana State.Kiran, who revolted against the party's decision on Telangana, has convened a meeting of the Congress Legislature Party at 10.45 am on Wednesday where he i set to announce his decision to step down.Later, he will drive straight to Raj Bhavan and hand over his resignation letter to Governor ESL Narasimham. "The Chief Minister will resign on Wednesday and launch a new party soon," State Minister for Law and Justice E Pratap Reddy said.The Governor is likely to ask Kiran to continue as caretaker Chief Minister till alternative arrangements are made. However, it is unclear whether he would accept it. With the general elections just a couple of months away, the State appears headed for President's rule.