  We show theoretically the presence of electromagnetically induced
transparency (EIT) like feature in a {\Lambda}-type atom-molecule coupled
system. We demonstrate that EIT in such a systems has a sharp dispersion
characteristic which is useful to slow down light propagation in a medium. The
results of our model calculations show that, it is possible to achieve a time
delay of the order of 1 ms for a probe field propagating a distance of 1 cm
through a medium of ultracold diatomic molecules coupled to the continuum of
atom-atom collisional states with a control field. This enables one to reduce
the group velocity of the light much below 100 m/s with more than 25%
transmission.
