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<!--ANNAgreement V1.0 (10-04-2026)-->
<xbrli:xbrl xmlns:in-capmkt="https://www.sebi.gov.in/xbrl/2024-04-30/in-capmkt" xmlns:in-capmkt-ent="https://www.sebi.gov.in/xbrl/Announcement_For_Agreements/2024-04-30/in-capmkt/in-capmkt-ent" xmlns:in-capmkt-roles="https://www.sebi.gov.in/xbrl/Announcement_For_Agreements/2024-04-30/in-capmkt-roles" xmlns:xbrldt="http://xbrl.org/2005/xbrldt" xmlns:nonnum="http://www.xbrl.org/dtr/type/non-numeric" xmlns:in-capmkt-type="https://www.sebi.gov.in/xbrl/2024-04-30/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-2024-04-30.xsd"/><xbrli:context id="MainD"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/NSESymbol">NATIONALUM</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-07-08</xbrli:startDate><xbrli:endDate>2026-07-08</xbrli:endDate></xbrli:period></xbrli:context><xbrli:context id="MainI"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/NSESymbol">NATIONALUM</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-07-08</xbrli:instant></xbrli:period></xbrli:context><xbrli:context id="D_PartiesOfTheAgreement1"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/NSESymbol">NATIONALUM</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-07-08</xbrli:startDate><xbrli:endDate>2026-07-08</xbrli:endDate></xbrli:period><xbrli:scenario><xbrldi:typedMember 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scheme="https://www.sebi.gov.in/in-capmkt/NSESymbol">NATIONALUM</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-07-08</xbrli:startDate><xbrli:endDate>2026-07-08</xbrli:endDate></xbrli:period><xbrli:scenario><xbrldi:typedMember dimension="in-capmkt:PartiesOfTheAgreementAxis"><in-capmkt:PartiesOfTheAgreementDomain>PartiesOfTheAgreementDomain2</in-capmkt:PartiesOfTheAgreementDomain></xbrldi:typedMember></xbrli:scenario></xbrli:context><xbrli:context id="I_PartiesOfTheAgreement2"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/NSESymbol">NATIONALUM</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-07-08</xbrli:instant></xbrli:period><xbrli:scenario><xbrldi:typedMember dimension="in-capmkt:PartiesOfTheAgreementAxis"><in-capmkt:PartiesOfTheAgreementDomain>PartiesOfTheAgreementDomain2</in-capmkt:PartiesOfTheAgreementDomain></xbrldi:typedMember></xbrli:scenario></xbrli:context><xbrli:unit id="pure"><xbrli:measure>xbrli:pure</xbrli:measure></xbrli:unit><xbrli:unit id="shares"><xbrli:measure>xbrli:shares</xbrli:measure></xbrli:unit><in-capmkt:NSESymbol contextRef="MainI">NATIONALUM</in-capmkt:NSESymbol><in-capmkt:NameOfTheCompany contextRef="MainI">National Aluminium Company Limited</in-capmkt:NameOfTheCompany><in-capmkt:TypeOfAnnouncement contextRef="MainI">New</in-capmkt:TypeOfAnnouncement><in-capmkt:TypeOfAgreement contextRef="MainI">Joint venture agreements</in-capmkt:TypeOfAgreement><in-capmkt:StageOfAgreement contextRef="MainI">Execution of agreement</in-capmkt:StageOfAgreement><in-capmkt:AgreementsEnteredIntoBy contextRef="MainD">Listed Entity</in-capmkt:AgreementsEnteredIntoBy><in-capmkt:WhetherEventOrInformationDisclosedIsAnOutcomeOfBoardMeeting contextRef="MainD">false</in-capmkt:WhetherEventOrInformationDisclosedIsAnOutcomeOfBoardMeeting><in-capmkt:DateOfOccurrenceOfEvent contextRef="MainI">2026-07-08</in-capmkt:DateOfOccurrenceOfEvent><in-capmkt:TimeOfOccurrenceOfEvent contextRef="MainD">15:00:00</in-capmkt:TimeOfOccurrenceOfEvent><in-capmkt:WhetherTheListedEntityIsPartyToTheAgreement contextRef="MainD">true</in-capmkt:WhetherTheListedEntityIsPartyToTheAgreement><in-capmkt:DateOfReport contextRef="MainI">2026-07-08</in-capmkt:DateOfReport><in-capmkt:DetailsOfExecutionOfAgreement contextRef="MainI">Formation of a Joint Venture Company (JVC) with NLCIL on 50:50 equity basis for development of a 4×270 MW (1,080 MW) Thermal Captive Power Plant at Angul, Odisha, to meet the captive power
requirement of NALCO's 0.5 MTPA Aluminium Smelter Expansion Project, along with exploration of long-term arrangements for 200-250 MW of firm Renewable Energy (RE-RTC) and long-term coal supply.</in-capmkt:DetailsOfExecutionOfAgreement><in-capmkt:DateOfBoardOrCommitteeMeetingApprovingTheAgreement contextRef="MainI">2026-06-06</in-capmkt:DateOfBoardOrCommitteeMeetingApprovingTheAgreement><in-capmkt:WhetherProposedOrExecutedAgreementIsInNormalCourseOfBusiness contextRef="MainI">true</in-capmkt:WhetherProposedOrExecutedAgreementIsInNormalCourseOfBusiness><in-capmkt:ImpactOfAgreementOnManagementAndControlOfTheListedEntity contextRef="MainI">The JVC is proposed to be incorporated. Upon incorporation, NALCO and NLCIL will each hold 50% of the equity share capital of the JVC.</in-capmkt:ImpactOfAgreementOnManagementAndControlOfTheListedEntity><in-capmkt:NumberOfPartiesToTheAgreement contextRef="MainI" unitRef="pure" decimals="0">2</in-capmkt:NumberOfPartiesToTheAgreement><in-capmkt:NameOfPartiesOrCounterPartiesOfTheAgreement contextRef="D_PartiesOfTheAgreement1">National Aluminium Company Limited</in-capmkt:NameOfPartiesOrCounterPartiesOfTheAgreement><in-capmkt:NatureOfThePartiesOfTheAgreement contextRef="I_PartiesOfTheAgreement1">Party entering into the agreement</in-capmkt:NatureOfThePartiesOfTheAgreement><in-capmkt:DetailsOfShareholdingInTheEntityWithWhomTheAgreementIsExecuted contextRef="I_PartiesOfTheAgreement1">0</in-capmkt:DetailsOfShareholdingInTheEntityWithWhomTheAgreementIsExecuted><in-capmkt:NumberOfSharesOfPartyOfTheAgreement contextRef="I_PartiesOfTheAgreement1" unitRef="shares" decimals="INF">0</in-capmkt:NumberOfSharesOfPartyOfTheAgreement><in-capmkt:PercentageOfShareholdingOfPartyOfTheAgreement contextRef="I_PartiesOfTheAgreement1" unitRef="pure" decimals="INF">0</in-capmkt:PercentageOfShareholdingOfPartyOfTheAgreement><in-capmkt:WhetherThePartiesToTheAgreementAreRelatedToPromoterOrPromoterGroupOrAssociateOrHoldingOrSubsidiaryOrGroupCompaniesOrDirectorOrKMPAndItsRelativesInAnyManner contextRef="I_PartiesOfTheAgreement1">true</in-capmkt:WhetherThePartiesToTheAgreementAreRelatedToPromoterOrPromoterGroupOrAssociateOrHoldingOrSubsidiaryOrGroupCompaniesOrDirectorOrKMPAndItsRelativesInAnyManner><in-capmkt:NatureOfRelationshipOfTheAgreement contextRef="I_PartiesOfTheAgreement1">NALCO and NLCIL are Government Companies, under the administrative control of the Ministry of Mines and the Ministry of Coal respectively.</in-capmkt:NatureOfRelationshipOfTheAgreement><in-capmkt:NameOfPartiesOrCounterPartiesOfTheAgreement contextRef="D_PartiesOfTheAgreement2">NLC India Limited</in-capmkt:NameOfPartiesOrCounterPartiesOfTheAgreement><in-capmkt:NatureOfThePartiesOfTheAgreement contextRef="I_PartiesOfTheAgreement2">Party entering into the agreement</in-capmkt:NatureOfThePartiesOfTheAgreement><in-capmkt:DetailsOfShareholdingInTheEntityWithWhomTheAgreementIsExecuted contextRef="I_PartiesOfTheAgreement2">0</in-capmkt:DetailsOfShareholdingInTheEntityWithWhomTheAgreementIsExecuted><in-capmkt:NumberOfSharesOfPartyOfTheAgreement contextRef="I_PartiesOfTheAgreement2" unitRef="shares" decimals="INF">0</in-capmkt:NumberOfSharesOfPartyOfTheAgreement><in-capmkt:PercentageOfShareholdingOfPartyOfTheAgreement contextRef="I_PartiesOfTheAgreement2" unitRef="pure" decimals="INF">0</in-capmkt:PercentageOfShareholdingOfPartyOfTheAgreement><in-capmkt:WhetherThePartiesToTheAgreementAreRelatedToPromoterOrPromoterGroupOrAssociateOrHoldingOrSubsidiaryOrGroupCompaniesOrDirectorOrKMPAndItsRelativesInAnyManner contextRef="I_PartiesOfTheAgreement2">true</in-capmkt:WhetherThePartiesToTheAgreementAreRelatedToPromoterOrPromoterGroupOrAssociateOrHoldingOrSubsidiaryOrGroupCompaniesOrDirectorOrKMPAndItsRelativesInAnyManner><in-capmkt:NatureOfRelationshipOfTheAgreement contextRef="I_PartiesOfTheAgreement2">NALCO and NLCIL are Government Companies, under the administrative control of the Ministry of Mines and the Ministry of Coal respectively.</in-capmkt:NatureOfRelationshipOfTheAgreement><in-capmkt:WhetherTheAgreementWouldFallWithinRelatedPartyTransactions contextRef="MainI">false</in-capmkt:WhetherTheAgreementWouldFallWithinRelatedPartyTransactions><in-capmkt:DateOnWhichAgreementWasEntered contextRef="MainI">2026-07-08</in-capmkt:DateOnWhichAgreementWasEntered><in-capmkt:PurposeOfEnteringIntoTheAgreement contextRef="MainI">Formation of a Joint Venture Company (JVC) with NLCIL on 50:50 equity basis for development of a 4×270 MW (1,080 MW) Thermal Captive Power Plant at Angul, Odisha, to meet the captive power requirement of NALCO's 0.5 MTPA Aluminium Smelter Expansion Project, along with exploration of long-term arrangements for 200-250 MW of firm
Renewable Energy (RE-RTC) and long-term coal supply.</in-capmkt:PurposeOfEnteringIntoTheAgreement><in-capmkt:SignificantTermsOfTheAgreementInBriefSpecialRightsLikeRightToAppointDirectorsOrFirstRightToShareSubscriptionInCaseOfIssuanceOfSharesOrRightToRestrictAnyChangeInCapitalStructure contextRef="MainI">Equity participation 50:50 (NALCO: NLCIL).
JVC to execute a 25 years Power Purchase
Agreement (PPA) with NALCO for 100% offtake of power under Section 62 of the Electricity Act, 2003, and a Fuel Supply Agreement (FSA) with NLCIL for coal at Coal India notified price.</in-capmkt:SignificantTermsOfTheAgreementInBriefSpecialRightsLikeRightToAppointDirectorsOrFirstRightToShareSubscriptionInCaseOfIssuanceOfSharesOrRightToRestrictAnyChangeInCapitalStructure><in-capmkt:WhetherThereIsAnyIssuanceOrTransferOfSharesToTheParties contextRef="MainI">false</in-capmkt:WhetherThereIsAnyIssuanceOrTransferOfSharesToTheParties><in-capmkt:DetailsAndQuantificationOfTheRestrictionOrLiabilityImposedUponTheListedEntity contextRef="MainD">NA</in-capmkt:DetailsAndQuantificationOfTheRestrictionOrLiabilityImposedUponTheListedEntity><in-capmkt:OtherDisclosuresRelatedToSuchAgreements contextRef="MainI">Both the parties will have equal nomination on the Board.</in-capmkt:OtherDisclosuresRelatedToSuchAgreements><in-capmkt:OtherInformationForExecutionAgreements contextRef="MainI">Shares shall be issued after incorporation of JVC in the ratio of equity shareholding.</in-capmkt:OtherInformationForExecutionAgreements></xbrli:xbrl>
