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That is correct we are going to have two separate The Jungle Book remake films. It's going to be a lot like when Mirror, Mirror and Snow White & the Hunstman came out in the same year. Currently both Andy Serkis (The Hobbit: An Unexpected Journey) and Jon Favreau (Elf, Iron Man) will both be directing a Jungle Book remake for Warner Bros and Disney respectively.
Now The Hollywood Reporter has announced that Oscar-winner Lupita Nyong'o (12 Years a Slave) is in final negotiations to voice Rakcha the wolf mother who adopts Mowgli into her wolf pack. While Scarlett Johansson (The Avengers, Her) who has already lent her voice to this years best original screenplay Her, is in early discussions to voice Kaa the hypnotizing python.
They both if signed will join Idris Elba who is already signed onto voice Shere Khan the man-eating tiger.