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<xbrli:xbrl xmlns:in-capmkt="http://www.sebi.gov.in/xbrl/2025-11-30/in-capmkt" xmlns:in-capmkt-ent="http://www.sebi.gov.in/xbrl/Changes_In_Management/2025-11-30/in-capmkt/in-capmkt-ent" xmlns:xbrldt="http://xbrl.org/2005/xbrldt" xmlns:nonnum="http://www.xbrl.org/dtr/type/non-numeric" xmlns:in-capmkt-types="http://www.sebi.gov.in/xbrl/2025-11-30/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.w3.org/1999/xlink"><link:schemaRef xlink:type="simple" xlink:href="in-capmkt-ent-2025-11-30.xsd"/><xbrli:context id="MainD"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">532181</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-09-30</xbrli:startDate><xbrli:endDate>2026-09-30</xbrli:endDate></xbrli:period></xbrli:context><xbrli:context id="MainI"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">532181</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-09-30</xbrli:instant></xbrli:period></xbrli:context><xbrli:context id="I_ChangeInManagement1"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">532181</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-09-30</xbrli:instant></xbrli:period><xbrli:scenario><xbrldi:typedMember dimension="in-capmkt:ChangeInManagementAxis"><in-capmkt:ChangeInManagementDomain>ChangeInManagementDomain1</in-capmkt:ChangeInManagementDomain></xbrldi:typedMember></xbrli:scenario></xbrli:context><xbrli:context id="D_ChangeInManagement1"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">532181</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-09-30</xbrli:startDate><xbrli:endDate>2026-09-30</xbrli:endDate></xbrli:period><xbrli:scenario><xbrldi:typedMember dimension="in-capmkt:ChangeInManagementAxis"><in-capmkt:ChangeInManagementDomain>ChangeInManagementDomain1</in-capmkt:ChangeInManagementDomain></xbrldi:typedMember></xbrli:scenario></xbrli:context><xbrli:context id="I_ChangeInManagement2"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">532181</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-09-30</xbrli:instant></xbrli:period><xbrli:scenario><xbrldi:typedMember dimension="in-capmkt:ChangeInManagementAxis"><in-capmkt:ChangeInManagementDomain>ChangeInManagementDomain2</in-capmkt:ChangeInManagementDomain></xbrldi:typedMember></xbrli:scenario></xbrli:context><xbrli:context id="D_ChangeInManagement2"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">532181</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-09-30</xbrli:startDate><xbrli:endDate>2026-09-30</xbrli:endDate></xbrli:period><xbrli:scenario><xbrldi:typedMember dimension="in-capmkt:ChangeInManagementAxis"><in-capmkt:ChangeInManagementDomain>ChangeInManagementDomain2</in-capmkt:ChangeInManagementDomain></xbrldi:typedMember></xbrli:scenario></xbrli:context><xbrli:unit id="pure"><xbrli:measure>xbrli:pure</xbrli:measure></xbrli:unit><in-capmkt:NSESymbol contextRef="MainI">GMDCLTD</in-capmkt:NSESymbol><in-capmkt:NameOfTheCompany contextRef="MainI">GUJARAT MINERAL DEVELOPMENT CORPORATION LIMITED</in-capmkt:NameOfTheCompany><in-capmkt:ScripCode contextRef="MainI">532181</in-capmkt:ScripCode><in-capmkt:MSEISymbol contextRef="MainI">NOTLISTED</in-capmkt:MSEISymbol><in-capmkt:ISIN contextRef="MainI">INE131A01031</in-capmkt:ISIN><in-capmkt:WhetherDisclosureFiledForListedEntity contextRef="MainD">true</in-capmkt:WhetherDisclosureFiledForListedEntity><in-capmkt:RelationshipWithTheListedEntity contextRef="MainD">Listed Entity (self)</in-capmkt:RelationshipWithTheListedEntity><in-capmkt:WhetherEventOrInformationIsAnOutcomeOfBoardMeeting contextRef="MainD">false</in-capmkt:WhetherEventOrInformationIsAnOutcomeOfBoardMeeting><in-capmkt:DateOfOccurrenceOfEventOrInformation contextRef="MainD">2026-09-29</in-capmkt:DateOfOccurrenceOfEventOrInformation><in-capmkt:TimeOfOccurrenceOfEventOrInformation contextRef="MainD">17:00:00</in-capmkt:TimeOfOccurrenceOfEventOrInformation><in-capmkt:NumberOfPersonsOrEntitiesForWhomChangeIsBeingReported contextRef="MainI" unitRef="pure" decimals="0">2</in-capmkt:NumberOfPersonsOrEntitiesForWhomChangeIsBeingReported><in-capmkt:RemarksForWebsiteDissemination contextRef="MainI">The General Administration Department, Government of Gujarat appointed Shri Ajay Bhadoo, IAS as the Managing Director of the company vide Notification No. AIS/35.2026/39/Ser.(I) dated 28th September 2026 and Shri Ajay Bhadoo assumed the charge of Managing Director w.e.f. 29th September, 2026, vice Shri Roopwant Singh, IAS. The Board took note of the appointment vide circular resolution dated 29th September, 2026.</in-capmkt:RemarksForWebsiteDissemination><in-capmkt:DateOfReport contextRef="MainI">2026-09-30</in-capmkt:DateOfReport><in-capmkt:TypeOfChange contextRef="D_ChangeInManagement1">Appointment</in-capmkt:TypeOfChange><in-capmkt:CategoryForChange contextRef="D_ChangeInManagement1">Key Managerial Personnel</in-capmkt:CategoryForChange><in-capmkt:DesignationOfDesignatedPerson contextRef="D_ChangeInManagement1">Others</in-capmkt:DesignationOfDesignatedPerson><in-capmkt:DescriptionOfOtherDesignation contextRef="D_ChangeInManagement1">Managing Director</in-capmkt:DescriptionOfOtherDesignation><in-capmkt:SalutationOfDesignatedPerson contextRef="D_ChangeInManagement1">Mr.</in-capmkt:SalutationOfDesignatedPerson><in-capmkt:NameOfDesignatedPerson contextRef="I_ChangeInManagement1">Ajay Bhadoo</in-capmkt:NameOfDesignatedPerson><in-capmkt:EffectiveDateOfReasonOfChange contextRef="I_ChangeInManagement1">2026-09-29</in-capmkt:EffectiveDateOfReasonOfChange><in-capmkt:BriefProfile contextRef="D_ChangeInManagement1">Shri Ajay Bhadoo, IAS is an Indian Administrative Service officer of the 1999 batch of the Gujarat cadre, having over two decades of experience in public administration, policy formulation and implementation across diverse sectors.
He holds a degree in Civil Engineering and a Master’s degree in Business Law from the National Law School of India University, Bengaluru.
Shri Bhadoo has held several senior positions during his career, including Deputy Election Commissioner at the Election Commission of India, Joint Secretary to the former President of India, Secretary to former Chief Minister of Gujarat, Vice Chairman &amp; Chief Executive Officer of the Gujarat Maritime Board and Commissioner of Rajkot and Vadodara Municipal Corporations.
Shri Bhadoo worked as Additional Secretary in the Department of Commerce, Government of India and was also appointed as Chief Executive Officer of Government e Marketplace (GeM).
Shri Ajay Bhadoo has now been appointed as the Managing Director of Gujarat Mineral Development Corporation Limited with effect from 29th September 2026, vice Shri Roopwant
Singh, IAS.</in-capmkt:BriefProfile><in-capmkt:TypeOfChange contextRef="D_ChangeInManagement2">Cessation</in-capmkt:TypeOfChange><in-capmkt:CategoryOfCessation contextRef="D_ChangeInManagement2">Cessation</in-capmkt:CategoryOfCessation><in-capmkt:CategoryForChange contextRef="D_ChangeInManagement2">Key Managerial Personnel</in-capmkt:CategoryForChange><in-capmkt:DesignationOfDesignatedPerson contextRef="D_ChangeInManagement2">Others</in-capmkt:DesignationOfDesignatedPerson><in-capmkt:DescriptionOfOtherDesignation contextRef="D_ChangeInManagement2">Managing Director</in-capmkt:DescriptionOfOtherDesignation><in-capmkt:SalutationOfDesignatedPerson contextRef="D_ChangeInManagement2">Mr.</in-capmkt:SalutationOfDesignatedPerson><in-capmkt:NameOfDesignatedPerson contextRef="I_ChangeInManagement2">Roopwant Singh</in-capmkt:NameOfDesignatedPerson><in-capmkt:EffectiveDateOfReasonOfChange contextRef="I_ChangeInManagement2">2026-09-29</in-capmkt:EffectiveDateOfReasonOfChange><in-capmkt:RemarksForChangeInManagement contextRef="D_ChangeInManagement2">Ceased to be the Managing Director pursuant to Notification No.AIS/35.2026/39/Ser.(I) dated 28th September,2026 issued by theGeneral Administration Department, Government of Gujarat.</in-capmkt:RemarksForChangeInManagement></xbrli:xbrl>
