Jungle Camps India Cancels Parsili Project Lease, Redeploys IPO Funds to Sheopur Fort Heritage Hotel

Jungle Camps India Cancels Parsili Project Lease, Redeploys IPO Funds to Sheopur Fort Heritage Hotel​

Jungle Camps India Ltd., formerly Pench Jungle Resorts Private Limited, has announced the cancellation of its 90-year lease agreement for a resort project in Madhya Pradesh. The company confirmed that it is pursuing a full refund and noted that the cancelled project will no longer impact its strategic expansion plans. Simultaneously, the company confirmed the successful reallocation of IPO proceeds to fund the Sheopur Fort Heritage Hotel project.

The cancellation pertains to land located at Village Parsili, Khasra Nos. 113 and 116, in District Sidhi. The company had executed a 90-year Lease Deed with the Madhya Pradesh Tourism Board (MPTB) on January 20, 2025, and paid an Upfront Bid Premium of Rs. 1,22,00,000/- plus applicable GST to MPTB.

The decision to cancel the lease was made after it was revealed that the intended resort development could not proceed. The Forest Department, Government of Madhya Pradesh, declined to issue the necessary No-Objection Certificate, stating that the allotted land falls within the National Chambal Gharial Sanctuary (Parsili Region), which rendered the resort construction legally impermissible at the site.

Following this impediment, MPTB accepted the company's request and issued an order on June 10, 2026, cancelling the lease deed. The company is entitled to the refund of the Upfront Premium (Rs. 1,22,00,000/-) and the return of a Performance Security Bank Guarantee worth Rs. 50,00,000/-.

Jungle Camps India has requested MPTB for additional refunds, including GST paid on the premium, Annual Lease Rentals for FY 2024-25 and FY 2025-26, and Late Payment Charges, which aggregate to Rs. 28,55,736/-. This brings the total recovery claim by the company to Rs. 1,50,55,736/-. The company stated there is no material adverse financial impact from this development as the primary amounts are fully recoverable per the MPTB Order.

Strategic Pivot: Sheopur Fort Project Underway​

The IPO proceeds originally earmarked for the Parsili project have been successfully reallocated to a new venture: the Sheopur Fort Heritage Hotel project. This move was approved by the company's shareholders via a Postal Ballot. The Sheopur Fort, located in Khasra No. 1348, District Sheopur, Madhya Pradesh, is subject to a 90-year MPTB lease, and construction work has commenced on the project.

The reallocation of funds ensures that the overall deployment of IPO proceeds remains fully on schedule, aligning with the revised objects approved by shareholders. The company confirmed that this change in focus does not affect its existing operations, which include properties such as Pench Jungle Camp, Tadoba Jungle Camp, and Kanha Jungle Camp.

Stock Price Movement​

Jungle Camps India Ltd settled at ₹48.50 today, registering a decline of 1.02% in the stock's value. Shares moved within an extremely tight intraday range, charting between a low of ₹48.50 and a high of ₹48.51.