Jungle Camps India Limited
Background and Contract Details
The company was allotted 5.950 hectares of land at Village Parsili, Khasra Nos. 113 and 116, District Sidhi, Madhya Pradesh by Madhya Pradesh Tourism Board (MPTB) for resort/tourism development. A 90-year Lease Deed was executed on 20 January 2025 with an Upfront Bid Premium of ₹1,22,00,000/- (plus applicable GST) paid to MPTB. The original Letter of Award was dated 29th February 2026.
Reason for Cancellation
The Forest Department, Government of Madhya Pradesh declined to grant the No-Objection Certificate required for construction because the allotted land falls within the National Chambal Gharial Sanctuary (Parsili Region), making resort development legally impermissible. The Madhya Pradesh State Wildlife Board did not approve the resort development proposal in its meeting.
MPTB Order Details
MPTB issued Order No. 3448/236/218/MPTB/IP/Vyayan/2024 dated 10 June 2026 (received by company on 18 June 2026) cancelling the Lease Deed dated 20 January 2025. The order directs:
- Refund of Upfront Premium of ₹1,22,00,000/-
- Return of Performance Security Bank Guarantee of ₹50,00,000/- (BG No. 191GT02242360012, HDFC Bank Limited)
The cancellation is attributable solely to regulatory impediment and not to any default by the company.
Financial Impact and Recovery
- Principal Upfront Premium of ₹1,22,00,000/- is fully refundable
- Performance Security of ₹50,00,000/- is being returned without encashment
- Company has separately requested MPTB to refund additional amounts aggregating ₹28,55,736/- including:
- GST paid on premium
- Annual Lease Rentals for FY 2024-25 and FY 2025-26
- Late Payment Charges
- Total recovery claim: ₹1,50,55,736/-
- No material write-off or financial loss arising from this development
Redeployment of IPO Proceeds
The company obtained shareholder approval through Postal Ballot conducted in accordance with SEBI ICDR Regulation 281A to reallocate IPO proceeds originally earmarked for the Parsili project to the Sheopur Fort Heritage Hotel project.
The Sheopur Fort Heritage Hotel project details:
- 90-year MPTB lease
- Location: Khasra No. 1348, District Sheopur, Madhya Pradesh
- Designed and planned with a leading conservation architect as a boutique heritage hotel
- Construction work has commenced
- Overall deployment of IPO proceeds remains fully on schedule
Operational Impact
The cancellation does not affect the ongoing operations of any existing properties: Pench Jungle Camp, Rukhad, Bison, Deo Kothar, Tadoba Jungle Camp, Kanha Jungle Camp, or Palash Kothi (Bandhavgarh). The company's expansion strategy remains fully intact.