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<!--CIRP V1.0 (10-04-2026)-->
<xbrli:xbrl xmlns:in-capmkt="https://www.sebi.gov.in/xbrl/2023-09-30/in-capmkt" xmlns:in-capmkt-ent="https://www.sebi.gov.in/xbrl/Corporate_Insolvency_Resolution_Process/2023-09-30/in-capmkt/in-capmkt-ent" xmlns:in-capmkt-roles="https://www.sebi.gov.in/xbrl/Corporate_Insolvency_Resolution_Process/2023-09-30/in-capmkt-roles" xmlns:xbrldt="http://xbrl.org/2005/xbrldt" xmlns:nonnum="http://www.xbrl.org/dtr/type/non-numeric" xmlns:in-capmkt-types="https://www.sebi.gov.in/xbrl/2023-09-30/in-capmkt-types" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:net="http://www.xbrl.org/2009/role/net" xmlns:num="http://www.xbrl.org/dtr/type/numeric" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:iso4217="http://www.xbrl.org/2003/iso4217" xmlns:negated="http://www.xbrl.org/2009/role/negated" xmlns:xbrldi="http://xbrl.org/2006/xbrldi" xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:xl="http://www.xbrl.org/2003/XLink"><link:schemaRef xlink:type="simple" xlink:href="in-capmkt-ent-2023-09-30.xsd"/><xbrli:context id="MainI"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">532939</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-04-29</xbrli:instant></xbrli:period></xbrli:context><xbrli:context id="CorporateInsolvencyResolutionProcessEvent1D"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">532939</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-04-29</xbrli:startDate><xbrli:endDate>2026-04-29</xbrli:endDate></xbrli:period><xbrli:scenario><xbrldi:explicitMember dimension="in-capmkt:CorporateInsolvencyResolutionProcessEventAxis">in-capmkt:CorporateInsolvencyResolutionProcessEvent1Member</xbrldi:explicitMember></xbrli:scenario></xbrli:context><xbrli:context id="I_ApplicationFiledByTheFinancialCreditors_FinancialCreditors_1"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">532939</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-04-29</xbrli:instant></xbrli:period><xbrli:scenario><xbrldi:explicitMember dimension="in-capmkt:CorporateInsolvencyResolutionProcessAxis">in-capmkt:ApplicationFiledByTheFinancialCreditorsMember</xbrldi:explicitMember><xbrldi:typedMember dimension="in-capmkt:FinancialCreditorsAxis"><in-capmkt:FinancialCreditorsDomain>FinancialCreditorsDomain1</in-capmkt:FinancialCreditorsDomain></xbrldi:typedMember></xbrli:scenario></xbrli:context><xbrli:context id="ApplicationFiledByTheFinancialCreditors_D"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">532939</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-04-29</xbrli:startDate><xbrli:endDate>2026-04-29</xbrli:endDate></xbrli:period><xbrli:scenario><xbrldi:explicitMember dimension="in-capmkt:CorporateInsolvencyResolutionProcessAxis">in-capmkt:ApplicationFiledByTheFinancialCreditorsMember</xbrldi:explicitMember></xbrli:scenario></xbrli:context><xbrli:context id="ApplicationFiledByTheFinancialCreditors_I"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">532939</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-04-29</xbrli:instant></xbrli:period><xbrli:scenario><xbrldi:explicitMember dimension="in-capmkt:CorporateInsolvencyResolutionProcessAxis">in-capmkt:ApplicationFiledByTheFinancialCreditorsMember</xbrldi:explicitMember></xbrli:scenario></xbrli:context><xbrli:unit id="INR"><xbrli:measure>iso4217:INR</xbrli:measure></xbrli:unit><in-capmkt:NameOfTheCompany contextRef="MainI">RELIANCE POWER LIMITED</in-capmkt:NameOfTheCompany><in-capmkt:NSESymbol contextRef="MainI">RPOWER</in-capmkt:NSESymbol><in-capmkt:ISIN contextRef="MainI">INE614G01033</in-capmkt:ISIN><in-capmkt:TypeOfAnnouncement contextRef="MainI">New</in-capmkt:TypeOfAnnouncement><in-capmkt:TypeOfCorporateInsolvencyResolutionProcessEvent contextRef="CorporateInsolvencyResolutionProcessEvent1D">Application filed by the Financial Creditors</in-capmkt:TypeOfCorporateInsolvencyResolutionProcessEvent><in-capmkt:RemarksWebsiteDissemination contextRef="MainI">
Pursuant to Regulation 30 of the Listing Regulations read with SEBI Circular No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026, we wish to inform you that Export Import Bank of the United States (US Exim)has filed an application under Section 7 of IBC, 2016 against the Company alleging default of debt (net debt US$ 165.41 mn)by Samalkot Power Limited (SPL), a subsidiary, guaranteed by the Company. 

As already informed vide our disclosure dated July 01, 2025, this matter is sub judice, as SPL has already filed an application on June 29, 2025, before London Court of International Arbitration against US Exim and Citibank N.A. (Facility Agent) on the ground that the debt is not due and the same is pending for adjudication. The Company has been advised that the present application is not legally tenable and shall be appropriately contested. 

The Company will take all appropriate steps, as legally advised, to protect its interest in the aforesaid matter.</in-capmkt:RemarksWebsiteDissemination><in-capmkt:DateOfReport contextRef="MainI">2026-04-29</in-capmkt:DateOfReport><in-capmkt:DateOfFilingApplicationWithNCLT contextRef="ApplicationFiledByTheFinancialCreditors_I">2026-04-29</in-capmkt:DateOfFilingApplicationWithNCLT><in-capmkt:NameOfTheApplicant contextRef="I_ApplicationFiledByTheFinancialCreditors_FinancialCreditors_1">Export Import Bank of the United States (US Exim)</in-capmkt:NameOfTheApplicant><in-capmkt:AmountAllegedToBeInDefault contextRef="I_ApplicationFiledByTheFinancialCreditors_FinancialCreditors_1" unitRef="INR" decimals="-3">15680868000</in-capmkt:AmountAllegedToBeInDefault><in-capmkt:StatusOrNextDateOfHearingFixedByNCLT contextRef="I_ApplicationFiledByTheFinancialCreditors_FinancialCreditors_1">NCLT Mumbai issued notice to the Company on April 29, 2026. The next date of hearing is June 15, 2026.</in-capmkt:StatusOrNextDateOfHearingFixedByNCLT><in-capmkt:WhetherTheDetailsOfDefaultWereIntimatedToExchangeAsPerSEBICircularSEBIHOCFDCMD1CIRP2019140Dated21November2019 contextRef="ApplicationFiledByTheFinancialCreditors_D">false</in-capmkt:WhetherTheDetailsOfDefaultWereIntimatedToExchangeAsPerSEBICircularSEBIHOCFDCMD1CIRP2019140Dated21November2019><in-capmkt:ReasonForTheDetailsOfDefaultWereNotIntimatedToExchange contextRef="ApplicationFiledByTheFinancialCreditors_I">As already informed vide our disclosure dated July 01, 2025, this matter is sub judice, as Samalkot Power Limited, the subsidiary of the Company, whose debt has been guaranteed by the Company, has already filed an application on June 29, 2025, before London Court of International Arbitration against US Exim and Citibank N.A. (Facility Agent) on the ground that the debt is not due and the same is pending for adjudication.</in-capmkt:ReasonForTheDetailsOfDefaultWereNotIntimatedToExchange><in-capmkt:AnyOtherDetailsExplanatoryTextBlock contextRef="ApplicationFiledByTheFinancialCreditors_D">Net Debt of USD 165.41 million converted into INR Lakhs using the exchange rate of Rs. 94.80 per USD </in-capmkt:AnyOtherDetailsExplanatoryTextBlock></xbrli:xbrl>
