<?xml version="1.0" encoding="UTF-8"?>
<!--REG30 V1.0 (16-10-2025)-->
<xbrli:xbrl xmlns:in-capmkt="http://www.sebi.gov.in/xbrl/2025-08-31/in-capmkt" xmlns:in-capmkt-ent="http://www.sebi.gov.in/xbrl/Regulation_30_Restructuring/2025-08-31/in-capmkt/in-capmkt-ent" xmlns:in-capmkt-roles="http://www.sebi.gov.in/xbrl/Regulation_30_Restructuring/2025-08-31/in-capmkt-roles" xmlns:xbrldt="http://xbrl.org/2005/xbrldt" xmlns:nonnum="http://www.xbrl.org/dtr/type/non-numeric" 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-2025-08-31.xsd"/><xbrli:context id="OneI"><xbrli:entity><xbrli:identifier 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id="I_AmalgamatedEntity2"><xbrli:entity><xbrli:identifier scheme="http://www.sebi.gov.in/in-capmkt/ScripCode">500850</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-08-24</xbrli:instant></xbrli:period><xbrli:scenario><xbrldi:typedMember dimension="in-capmkt:AmalgamatedEntityAxis"><in-capmkt:AmalgamatedEntityDomain>AmalgamatedEntityDomain2</in-capmkt:AmalgamatedEntityDomain></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:ScripCode contextRef="OneI">500850</in-capmkt:ScripCode><in-capmkt:NameOfTheCompany contextRef="OneI">The Indian Hotels Company Limited</in-capmkt:NameOfTheCompany><in-capmkt:NSESymbol contextRef="OneI">INDHOTEL</in-capmkt:NSESymbol><in-capmkt:MSEISymbol contextRef="OneI">NOTLISTED</in-capmkt:MSEISymbol><in-capmkt:ISIN contextRef="OneI">INE053A01029</in-capmkt:ISIN><in-capmkt:TypeOfAnnouncementPertainingToRegulation30Restructuring contextRef="OneD">New</in-capmkt:TypeOfAnnouncementPertainingToRegulation30Restructuring><in-capmkt:TypeOfEventOfAnnouncementPertainingToRegulation30Restructuring contextRef="OneD">Amalgamation/ Merger</in-capmkt:TypeOfEventOfAnnouncementPertainingToRegulation30Restructuring><in-capmkt:WhetherEventOrInformationDisclosedIsAnOutcomeOfBoardMeeting contextRef="OneD">true</in-capmkt:WhetherEventOrInformationDisclosedIsAnOutcomeOfBoardMeeting><in-capmkt:DateOfBoardMeeting contextRef="OneI">2026-08-24</in-capmkt:DateOfBoardMeeting><in-capmkt:EndTimeOfBoardMeeting contextRef="OneD">08:37:00</in-capmkt:EndTimeOfBoardMeeting><in-capmkt:DateOfReport contextRef="OneI">2026-08-24</in-capmkt:DateOfReport><in-capmkt:NameOfTheAmalgamatedEntity contextRef="I_AmalgamatedEntity1">Oriental Hotels Limited</in-capmkt:NameOfTheAmalgamatedEntity><in-capmkt:TypeOfAmalgamatedEntity contextRef="D_AmalgamatedEntity1">Transferor</in-capmkt:TypeOfAmalgamatedEntity><in-capmkt:RelationshipOfAmalgamatedEntityWithListedEntities contextRef="D_AmalgamatedEntity1">Others</in-capmkt:RelationshipOfAmalgamatedEntityWithListedEntities><in-capmkt:DetailsOfOtherRelationsOfAmalgamatedEntityWithListedEntities contextRef="I_AmalgamatedEntity1">Associate Company</in-capmkt:DetailsOfOtherRelationsOfAmalgamatedEntityWithListedEntities><in-capmkt:BriefDetailsOfTurnoverOrSizeOrOtherDetailsOfAmalgamatedEntity contextRef="I_AmalgamatedEntity1">Oriental Hotels Limited (“Company” or “OHL” or “Transferor Company”) is a listed public limited company having its registered office at Taj Coromandel, No. 37, Mahatma Gandhi Road, Nungambakkam, Chennai, Tamil Nadu, 600 034. As on March 31, 2026:Revenue- INR 500.7 Cr and Networth - INR 480.5 Cr. (Both on audited standalone basis)</in-capmkt:BriefDetailsOfTurnoverOrSizeOrOtherDetailsOfAmalgamatedEntity><in-capmkt:NumberOfSharesUnderPromoterAndPromoterGroupCategoryPreEvent contextRef="I_AmalgamatedEntity1" unitRef="shares" decimals="INF">122381465</in-capmkt:NumberOfSharesUnderPromoterAndPromoterGroupCategoryPreEvent><in-capmkt:PercentageOfSharesUnderPromoterAndPromoterGroupCategoryPreEvent contextRef="I_AmalgamatedEntity1" unitRef="pure" decimals="INF">0.6852</in-capmkt:PercentageOfSharesUnderPromoterAndPromoterGroupCategoryPreEvent><in-capmkt:NumberOfSharesUnderPublicCategoryPreEvent contextRef="I_AmalgamatedEntity1" unitRef="shares" decimals="INF">56217715</in-capmkt:NumberOfSharesUnderPublicCategoryPreEvent><in-capmkt:PercentageOfSharesUnderPublicCategoryPreEvent contextRef="I_AmalgamatedEntity1" unitRef="pure" decimals="INF">0.3148</in-capmkt:PercentageOfSharesUnderPublicCategoryPreEvent><in-capmkt:NumberOfSharesUnderOtherCategoryPreEvent contextRef="I_AmalgamatedEntity1" unitRef="shares" decimals="INF">0</in-capmkt:NumberOfSharesUnderOtherCategoryPreEvent><in-capmkt:PercentageOfSharesUnderOtherCategoryPreEvent contextRef="I_AmalgamatedEntity1" unitRef="pure" decimals="INF">0</in-capmkt:PercentageOfSharesUnderOtherCategoryPreEvent><in-capmkt:TotalNumberOfSharesPreEvent contextRef="I_AmalgamatedEntity1" unitRef="shares" decimals="INF">178599180</in-capmkt:TotalNumberOfSharesPreEvent><in-capmkt:TotalPercentageOfSharesPreEvent contextRef="I_AmalgamatedEntity1" unitRef="pure" decimals="INF">1</in-capmkt:TotalPercentageOfSharesPreEvent><in-capmkt:NumberOfSharesUnderPromoterAndPromoterGroupCategoryPostEvent contextRef="I_AmalgamatedEntity1" unitRef="shares" decimals="INF">0</in-capmkt:NumberOfSharesUnderPromoterAndPromoterGroupCategoryPostEvent><in-capmkt:PercentageOfSharesUnderPromoterAndPromoterGroupCategoryPostEvent contextRef="I_AmalgamatedEntity1" unitRef="pure" decimals="INF">0</in-capmkt:PercentageOfSharesUnderPromoterAndPromoterGroupCategoryPostEvent><in-capmkt:NumberOfSharesUnderPublicCategoryPostEvent contextRef="I_AmalgamatedEntity1" unitRef="shares" decimals="INF">0</in-capmkt:NumberOfSharesUnderPublicCategoryPostEvent><in-capmkt:PercentageOfSharesUnderPublicCategoryPostEvent contextRef="I_AmalgamatedEntity1" unitRef="pure" decimals="INF">0</in-capmkt:PercentageOfSharesUnderPublicCategoryPostEvent><in-capmkt:NumberOfSharesUnderOtherCategoryPostEvent contextRef="I_AmalgamatedEntity1" unitRef="shares" decimals="INF">0</in-capmkt:NumberOfSharesUnderOtherCategoryPostEvent><in-capmkt:PercentageOfSharesUnderOtherCategoryPostEvent contextRef="I_AmalgamatedEntity1" unitRef="pure" decimals="INF">0</in-capmkt:PercentageOfSharesUnderOtherCategoryPostEvent><in-capmkt:TotalNumberOfSharesPostEvent contextRef="I_AmalgamatedEntity1" unitRef="shares" decimals="INF">0</in-capmkt:TotalNumberOfSharesPostEvent><in-capmkt:TotalPercentageOfSharesPostEvent contextRef="I_AmalgamatedEntity1" unitRef="pure" decimals="INF">0</in-capmkt:TotalPercentageOfSharesPostEvent><in-capmkt:NameOfTheAmalgamatedEntity contextRef="I_AmalgamatedEntity2">The Indian Hotels Company Limited</in-capmkt:NameOfTheAmalgamatedEntity><in-capmkt:TypeOfAmalgamatedEntity contextRef="D_AmalgamatedEntity2">Transferee</in-capmkt:TypeOfAmalgamatedEntity><in-capmkt:RelationshipOfAmalgamatedEntityWithListedEntities contextRef="D_AmalgamatedEntity2">Listed Entity (self)</in-capmkt:RelationshipOfAmalgamatedEntityWithListedEntities><in-capmkt:BriefDetailsOfTurnoverOrSizeOrOtherDetailsOfAmalgamatedEntity contextRef="I_AmalgamatedEntity2">The Indian Hotels Company Limited (“IHCL” or “Transferee Company”) is a listed public limited company having its registered office at Mandlik House, Mandlik Road, Colaba, Mumbai 400 001. As on March 31, 2026: Revenue - INR 5640.16 Cr and Networth - INR 12,766.95 Cr (both on audited standalone basis)</in-capmkt:BriefDetailsOfTurnoverOrSizeOrOtherDetailsOfAmalgamatedEntity><in-capmkt:NumberOfSharesUnderPromoterAndPromoterGroupCategoryPreEvent contextRef="I_AmalgamatedEntity2" unitRef="shares" decimals="INF">542557742</in-capmkt:NumberOfSharesUnderPromoterAndPromoterGroupCategoryPreEvent><in-capmkt:PercentageOfSharesUnderPromoterAndPromoterGroupCategoryPreEvent contextRef="I_AmalgamatedEntity2" unitRef="pure" decimals="INF">0.3812</in-capmkt:PercentageOfSharesUnderPromoterAndPromoterGroupCategoryPreEvent><in-capmkt:NumberOfSharesUnderPublicCategoryPreEvent contextRef="I_AmalgamatedEntity2" unitRef="shares" decimals="INF">880874485</in-capmkt:NumberOfSharesUnderPublicCategoryPreEvent><in-capmkt:PercentageOfSharesUnderPublicCategoryPreEvent contextRef="I_AmalgamatedEntity2" unitRef="pure" 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decimals="INF">542490762</in-capmkt:NumberOfSharesUnderPromoterAndPromoterGroupCategoryPostEvent><in-capmkt:PercentageOfSharesUnderPromoterAndPromoterGroupCategoryPostEvent contextRef="I_AmalgamatedEntity2" unitRef="pure" decimals="INF">0.375</in-capmkt:PercentageOfSharesUnderPromoterAndPromoterGroupCategoryPostEvent><in-capmkt:NumberOfSharesUnderPublicCategoryPostEvent contextRef="I_AmalgamatedEntity2" unitRef="shares" decimals="INF">904114953</in-capmkt:NumberOfSharesUnderPublicCategoryPostEvent><in-capmkt:PercentageOfSharesUnderPublicCategoryPostEvent contextRef="I_AmalgamatedEntity2" unitRef="pure" decimals="INF">0.625</in-capmkt:PercentageOfSharesUnderPublicCategoryPostEvent><in-capmkt:NumberOfSharesUnderOtherCategoryPostEvent contextRef="I_AmalgamatedEntity2" unitRef="shares" decimals="INF">0</in-capmkt:NumberOfSharesUnderOtherCategoryPostEvent><in-capmkt:PercentageOfSharesUnderOtherCategoryPostEvent contextRef="I_AmalgamatedEntity2" unitRef="pure" decimals="INF">0</in-capmkt:PercentageOfSharesUnderOtherCategoryPostEvent><in-capmkt:TotalNumberOfSharesPostEvent contextRef="I_AmalgamatedEntity2" unitRef="shares" decimals="INF">1446605715</in-capmkt:TotalNumberOfSharesPostEvent><in-capmkt:TotalPercentageOfSharesPostEvent contextRef="I_AmalgamatedEntity2" unitRef="pure" decimals="INF">1</in-capmkt:TotalPercentageOfSharesPostEvent><in-capmkt:WhetherTheAmalgamationOrMergerWouldFallWithinRelatedPartyTransactions contextRef="OneD">true</in-capmkt:WhetherTheAmalgamationOrMergerWouldFallWithinRelatedPartyTransactions><in-capmkt:DateOfBoardMeetingForAmalgamationInWhichRPTApprovalTaken contextRef="OneI">2026-08-24</in-capmkt:DateOfBoardMeetingForAmalgamationInWhichRPTApprovalTaken><in-capmkt:DateOfAuditCommitteeMeetingForAmalgamationInWhichRPTApprovalTaken contextRef="OneI">2026-08-23</in-capmkt:DateOfAuditCommitteeMeetingForAmalgamationInWhichRPTApprovalTaken><in-capmkt:WhetherAmalgamationOrMergerEventRPTIsMaterial contextRef="OneD">false</in-capmkt:WhetherAmalgamationOrMergerEventRPTIsMaterial><in-capmkt:WhetherThePromoterOrPromoterGroupOrGroupCompaniesIncludingAssociateOrHoldingOrSubsidiaryOrDirectorOrKMPOrSMPAndItsRelativesHaveAnyInterestInTheEntityBeingAmalgamated contextRef="OneD">true</in-capmkt:WhetherThePromoterOrPromoterGroupOrGroupCompaniesIncludingAssociateOrHoldingOrSubsidiaryOrDirectorOrKMPOrSMPAndItsRelativesHaveAnyInterestInTheEntityBeingAmalgamated><in-capmkt:NatureOfInterestAndDetailsThereofForAmalgamationOrMergerEvent contextRef="OneI">The Promoter/promoter group/group companies (including associate/holding/subsidiary)/Director/KMP/SMP and its relatives are interested in the entity to the extent of their shareholding.</in-capmkt:NatureOfInterestAndDetailsThereofForAmalgamationOrMergerEvent><in-capmkt:WhetherAmalgamationOrMergerIsDoneAtArmsLength contextRef="OneD">true</in-capmkt:WhetherAmalgamationOrMergerIsDoneAtArmsLength><in-capmkt:AreaOfBusinessOfTheEntitiesForAmalgamationOrMergerEvent contextRef="OneI">The Indian Hotels Company Limited (IHCL) is primarily engaged in the business of owning, operating and managing hotels, palaces and resorts and its objects include acquiring and holding shares in any other company having objects in part similar to those of the Company, or carrying on any business capable of being conducted so as to directly or indirectly benefit IHCL. 
Oriental Hotels Limited (OHL)  is primarily engaged in the business of inter alia owning, operating, and managing hotels, and the hospitality business.</in-capmkt:AreaOfBusinessOfTheEntitiesForAmalgamationOrMergerEvent><in-capmkt:RationaleForAmalgamationOrMerger contextRef="OneI">The amalgamation pursuant to this Scheme would, inter alia, have the following benefits:

(a)	The Companies are engaged in similar businesses and have complementary portfolios, as the Transferor Company has a significant presence in the states of  Tamil Nadu, Kerala and Karnataka. The Amalgamation will create synergies amongst the businesses, and will facilitate a wider and stronger base for future growth;

(b)	The Scheme shall enable the business of the Transferor Company, by virtue of becoming part of a larger entity, to have access to the financial resources, management experience and expertise of the Transferee Company. The Scheme would thus enable the business of the Transferor Company to leverage the resources of the Transferee Company and facilitate operational and cost synergies, asset management opportunities, rationalization, standardisation and simplification of business processes;

(c)	The Scheme is in consonance with the strategy of the Transferee Company to reduce the number of operating entities under its holding, which in turn will lead to elimination of duplication, simpler management structure, better administration, rationalisation of administrative expenses, etc, consequently reducing costs of maintaining separate entities;

(d)	The Scheme will make it possible to achieve a full accounting consolidation and joint utilisation of financial resources which are independently available within the Companies, allowing standardisation in accounting policies and practices;

(e)	Due to the abovementioned business, operational and financial synergies, the Scheme will be beneficial to the public shareholders of the Transferee Company; and

(f)	The Scheme/ Amalgamation will provide the public shareholders of the Transferor Company with an opportunity to participate directly in the consolidated hospitality business of the Transferee Company through the Consideration Shares proposed to be issued pursuant to the Scheme and they would continue to play a part in the growth of one of India’s leading hospitality companies, i.e., the Transferee Company.</in-capmkt:RationaleForAmalgamationOrMerger><in-capmkt:NatureOfConsiderationForAmalgamationOrMerger contextRef="OneD">Shares</in-capmkt:NatureOfConsiderationForAmalgamationOrMerger><in-capmkt:ShareExchangeRatioForAmalgamationOrMerger contextRef="OneD">25:117</in-capmkt:ShareExchangeRatioForAmalgamationOrMerger><in-capmkt:DetailsOfConsiderationForAmalgamationOrMerger contextRef="OneI">Issue of 25 equity shares of face value of Rs. 1 each of IHCL for every 117 shares of face value of Rs. 1 each held by OHL Shareholders</in-capmkt:DetailsOfConsiderationForAmalgamationOrMerger><in-capmkt:BriefDetailsOfChangeInShareholdingPatternOfListedEntityForAmalgamationOrMerger contextRef="OneI">The pre scheme shareholding pattern of IHCL is as under
Promoter and Promoter Group: 54,25,57,742 shares (38.12%)
Public: 88,08,74,485 shares (61.88%)
The post scheme shareholding pattern of IHCL is as under
Promoter and Promoter Group: 54,24,90,762 shares (37.50%)Public: 90,41,14,953 shares (62.50%). 
The Post-scheme shareholding of IHCL is indicative based on current shareholding held directly and indirectly through subsidiaries &amp; associates and considering the terms of the Scheme.
</in-capmkt:BriefDetailsOfChangeInShareholdingPatternOfListedEntityForAmalgamationOrMerger><in-capmkt:AnyOtherBriefSignificantInformationForAmalgamationOrMerger contextRef="OneI">No</in-capmkt:AnyOtherBriefSignificantInformationForAmalgamationOrMerger></xbrli:xbrl>
