Mukesh Ambani vs Subhash Chandra: Net worth, assets compared — what's the matter between the two tycoons? Decoded

Days after the National Company Law Tribunal (NCLT) cleared a repayment proposal for Zee Group founder Subhash Chandra that would allow creditors to recover around ₹6.5 crore against admitted claims of ₹22,006.57 crore, Chandra, in a video message on Thursday, accused Reliance Industries Ltd (RIL) Chairman and Managing Director Mukesh Ambani and RIL-owned media entities of "orchestrating what he described as a misinformation campaign against him".

The Reliance Group has rejected Chandra's allegations against its media businesses, describing them as "baseless".

"We strongly deny the allegations and insinuations against the media entities that are a part of the Reliance Group. Our media brands have never been used to attack anyone, nor will they ever be. We hold Shri Subhash Chandra in high regard as a businessman and entrepreneur. We wish him well," Reliance said in a statement.

The exchange has put the two of India's prominent businessmen's, Subhash Chandra and Mukesh Ambani, net worth and assets in the spotlight.

Subhash Chandra's reported net worth and assets

According to a Sunday Guardian report, Chandra's current disclosed net worth is around ₹31.79 crore, based on figures recorded during his personal insolvency proceedings before the NCLT.

The figure is substantially lower than historical net-worth figures cited during the proceedings.

Net-worth certificates cited in the proceedings put Chandra's wealth at around ₹45,888 crore in 2017 and ₹40,562 crore in 2018. However, the NCLT said those historical certificates alone did not establish that he currently owned assets of a similar value, according to the Sunday Guardian report.

The latest NCLT proceedings put the disclosed market value of his current assets at around ₹31.79 crore.

The tribunal attributed a value of around ₹25 crore to his Jolly Maker residential property.

Chandra had also owned a bungalow on Bhagwan Das Road in Delhi, which he agreed to sell for around ₹1,260 crore in 2026. Since the property has been sold, that amount should not be treated as part of his current asset value.

Why are Chandra's wealth figures being discussed?

The issue has become relevant amid Chandra's personal insolvency proceedings. The NCLT approved a repayment plan under which Chandra would pay around ₹6.5 crore against admitted creditor claims of nearly ₹22,006 crore.

Chandra has disputed the way the debt figure has been presented. His office said the aggregate claim against him as a personal guarantor in the proceedings was around ₹3,992 crore, rather than ₹22,000 crore.

He also questioned the earlier attribution of a ₹45,888-crore personal net worth to him, saying his Rajya Sabha declaration in 2016 showed total assets of ₹39.08 crore.

Chandra has alleged that Reliance-linked media organisations reported the ₹22,000-crore figure as his personal debt without adequately distinguishing between total claims, admitted claims and claims made by individual creditors.

Mukesh Ambani's net worth and assets

According to Forbes, Ambani's net worth is at around $88 billion (around ₹8.39 lakh crore). He chairs and runs Reliance Industries, whose businesses span petrochemicals, oil and gas, telecom, retail, media and financial services.

According to Bloomberg, the majority of Ambani's wealth comes from his roughly 42% stake in Reliance Industries. The company reported revenue of about $114 billion for the year ended March 2025, Bloomberg said.

Ambani also owns a stake of around 41% in Jio Financial Services, directly and through a promoter group, according to a March 2026 filing cited by Bloomberg.

Reliance's telecom and broadband business Jio has more than 500 million subscribers, according to Forbes. The group has also expanded into green energy, while its other businesses include retail and media.

Bloomberg report also added that Ambani's Mumbai residence, Antilia, had been valued at more than $400 million in a 2014 analysis, while media reports have put the cost of the property at more than $1 billion. Bloomberg said its analysis uses the lower valuation because of uncertainty over funding costs and resale value.

What is the Ambani-Chandra dispute about?

The current controversy stemmed from the NCLT's approval of a repayment proposal for Chandra and comments made by the Essel Group chairman targeting Reliance-owned media channels. Chandra accused the media businesses of spreading what he described as a misinformation campaign against him and his group.

Reliance Group has rejected the allegations, saying its media brands have never been used to attack anyone.