<?xml version="1.0" encoding="UTF-8" standalone="no"?><xbrli:xbrl xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:in-capmkt="https://www.sebi.gov.in/xbrl/2022-12-31/in-capmkt" xmlns:in-capmkt-ent="https://www.sebi.gov.in/xbrl/Regulation_30_Restructuring/2022-12-31/in-capmkt/in-capmkt-ent" xmlns:in-capmkt-roles="https://www.sebi.gov.in/xbrl/Regulation_30_Restructuring/2022-12-31/in-capmkt-roles" xmlns:iso4217="http://www.xbrl.org/2003/iso4217" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:negated="http://www.xbrl.org/2009/role/negated" xmlns:net="http://www.xbrl.org/2009/role/net" xmlns:nonnum="http://www.xbrl.org/dtr/type/non-numeric" xmlns:num="http://www.xbrl.org/dtr/type/numeric" xmlns:xbrldi="http://xbrl.org/2006/xbrldi" xmlns:xbrldt="http://xbrl.org/2005/xbrldt" xmlns:xl="http://www.xbrl.org/2003/XLink" xmlns:xlink="http://www.w3.org/1999/xlink"><link:schemaRef xlink:href="in-capmkt-ent-2022-12-31.xsd" xlink:type="simple"/><xbrli:context id="OneI"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ISIN">530005</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2025-03-19</xbrli:instant></xbrli:period></xbrli:context><xbrli:context id="OneD"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ISIN">530005</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2025-03-19</xbrli:startDate><xbrli:endDate>2025-03-19</xbrli:endDate></xbrli:period></xbrli:context><xbrli:context id="D_UnitOrDivisionOrSubsidiary1"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">530005</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2025-03-19</xbrli:startDate><xbrli:endDate>2025-03-19</xbrli:endDate></xbrli:period><xbrli:scenario><xbrldi:typedMember dimension="in-capmkt:UnitOrDivisionOrSubsidiaryAxis"><in-capmkt:UnitOrDivisionOrSubsidiaryDomain>UnitOrDivisionOrSubsidiaryDomain1</in-capmkt:UnitOrDivisionOrSubsidiaryDomain></xbrldi:typedMember></xbrli:scenario></xbrli:context><xbrli:context id="I_UnitOrDivisionOrSubsidiary1"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">530005</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2025-03-19</xbrli:instant></xbrli:period><xbrli:scenario><xbrldi:typedMember dimension="in-capmkt:UnitOrDivisionOrSubsidiaryAxis"><in-capmkt:UnitOrDivisionOrSubsidiaryDomain>UnitOrDivisionOrSubsidiaryDomain1</in-capmkt:UnitOrDivisionOrSubsidiaryDomain></xbrldi:typedMember></xbrli:scenario></xbrli:context><xbrli:unit id="INR"><xbrli:measure>iso4217:INR</xbrli:measure></xbrli:unit><xbrli:unit id="pure"><xbrli:measure>xbrli:pure</xbrli:measure></xbrli:unit><in-capmkt:NameOfTheCompany contextRef="OneI">THE INDIA CEMENTS LIMITED</in-capmkt:NameOfTheCompany><in-capmkt:NSESymbol contextRef="OneI">INDIACEM</in-capmkt:NSESymbol><in-capmkt:TypeOfAnnouncementPertainingToRegulation30Restructuring contextRef="OneD">New</in-capmkt:TypeOfAnnouncementPertainingToRegulation30Restructuring><in-capmkt:EventOfAnnouncementPertainingToRegulation30Restructuring contextRef="OneD">Sale or disposal of unit(s)/division(s)/subsidiary</in-capmkt:EventOfAnnouncementPertainingToRegulation30Restructuring><in-capmkt:DateOfEventOfAnnouncementPertainingToRegulation30Restructuring contextRef="OneI">2025-03-18</in-capmkt:DateOfEventOfAnnouncementPertainingToRegulation30Restructuring><in-capmkt:DateOfReport contextRef="OneI">2025-03-19</in-capmkt:DateOfReport><in-capmkt:DetailsOfSaleOrDisposalUnitOrDivisionOrSubsidiaryOfTheListedEntity contextRef="I_UnitOrDivisionOrSubsidiary1">Raasi Cement Limited</in-capmkt:DetailsOfSaleOrDisposalUnitOrDivisionOrSubsidiaryOfTheListedEntity><in-capmkt:TypeOfSaleOrDisposalUnitOrDivisionOrSubsidiaryOfTheListedEntity contextRef="D_UnitOrDivisionOrSubsidiary1">Others</in-capmkt:TypeOfSaleOrDisposalUnitOrDivisionOrSubsidiaryOfTheListedEntity><in-capmkt:NameOfSaleOrDisposalUnitOrDivisionOrSubsidiaryOfTheListedEntity contextRef="I_UnitOrDivisionOrSubsidiary1">Raasi Cement Limited</in-capmkt:NameOfSaleOrDisposalUnitOrDivisionOrSubsidiaryOfTheListedEntity><in-capmkt:PreviousYearTurnoverOfSaleOrDisposalUnitOrDivisionOrSubsidiaryOfTheListedEntity contextRef="D_UnitOrDivisionOrSubsidiary1" decimals="0" unitRef="INR">0</in-capmkt:PreviousYearTurnoverOfSaleOrDisposalUnitOrDivisionOrSubsidiaryOfTheListedEntity><in-capmkt:PreviousYearPercentageOfTurnoverOfSaleOrDisposalUnitOrDivisionOrSubsidiaryOfTheListedEntity contextRef="D_UnitOrDivisionOrSubsidiary1" decimals="INF" unitRef="pure">0</in-capmkt:PreviousYearPercentageOfTurnoverOfSaleOrDisposalUnitOrDivisionOrSubsidiaryOfTheListedEntity><in-capmkt:PreviousYearRevenueOfSaleOrDisposalUnitOrDivisionOrSubsidiaryOfTheListedEntity contextRef="D_UnitOrDivisionOrSubsidiary1" decimals="0" unitRef="INR">0</in-capmkt:PreviousYearRevenueOfSaleOrDisposalUnitOrDivisionOrSubsidiaryOfTheListedEntity><in-capmkt:PreviousYearPercentageOfRevenueOfSaleOrDisposalUnitOrDivisionOrSubsidiaryOfTheListedEntity contextRef="D_UnitOrDivisionOrSubsidiary1" decimals="INF" unitRef="pure">0</in-capmkt:PreviousYearPercentageOfRevenueOfSaleOrDisposalUnitOrDivisionOrSubsidiaryOfTheListedEntity><in-capmkt:PreviousYearIncomeOfSaleOrDisposalUnitOrDivisionOrSubsidiaryOfTheListedEntity contextRef="D_UnitOrDivisionOrSubsidiary1" decimals="0" unitRef="INR">0</in-capmkt:PreviousYearIncomeOfSaleOrDisposalUnitOrDivisionOrSubsidiaryOfTheListedEntity><in-capmkt:PreviousYearPercentageOfIncomeOfSaleOrDisposalUnitOrDivisionOrSubsidiaryOfTheListedEntity contextRef="D_UnitOrDivisionOrSubsidiary1" decimals="INF" unitRef="pure">0</in-capmkt:PreviousYearPercentageOfIncomeOfSaleOrDisposalUnitOrDivisionOrSubsidiaryOfTheListedEntity><in-capmkt:PreviousYearNetWorthOfSaleOrDisposalUnitOrDivisionOrSubsidiaryOfTheListedEntity contextRef="D_UnitOrDivisionOrSubsidiary1" decimals="0" unitRef="INR">0</in-capmkt:PreviousYearNetWorthOfSaleOrDisposalUnitOrDivisionOrSubsidiaryOfTheListedEntity><in-capmkt:PreviousYearPercentageOfNetWorthOfSaleOrDisposalUnitOrDivisionOrSubsidiaryOfTheListedEntity contextRef="D_UnitOrDivisionOrSubsidiary1" decimals="INF" unitRef="pure">0.0006</in-capmkt:PreviousYearPercentageOfNetWorthOfSaleOrDisposalUnitOrDivisionOrSubsidiaryOfTheListedEntity><in-capmkt:DateOnWhichTheAgreementForSaleHasBeenEnteredInto contextRef="OneI">2025-03-18</in-capmkt:DateOnWhichTheAgreementForSaleHasBeenEnteredInto><in-capmkt:TheExpectedDateOfCompletionOfSaleOrDisposal contextRef="OneI">2025-09-30</in-capmkt:TheExpectedDateOfCompletionOfSaleOrDisposal><in-capmkt:NatureOfConsiderationForSaleOrDisposal contextRef="OneD">Cash</in-capmkt:NatureOfConsiderationForSaleOrDisposal><in-capmkt:BriefDetailsOfBuyers contextRef="OneI">The proposed buyer, Venbro Investments and Financial Services Private Limited, is a company having registered office at Chennai bearing CIN U65993TN1986PTC013114.</in-capmkt:BriefDetailsOfBuyers><in-capmkt:WhetherThePromoterOrPromoterGroupOrGroupOrAssociateOrHoldingOrSubsidiaryCompaniesOrDirectorAndKMPAndItsRelativesHaveAnyInterestInTheEntityBeingSaleOrDisposed contextRef="OneD">false</in-capmkt:WhetherThePromoterOrPromoterGroupOrGroupOrAssociateOrHoldingOrSubsidiaryCompaniesOrDirectorAndKMPAndItsRelativesHaveAnyInterestInTheEntityBeingSaleOrDisposed><in-capmkt:WhetherSaleOrDisposalWouldFallWithinRelatedPartyTransactions contextRef="OneD">false</in-capmkt:WhetherSaleOrDisposalWouldFallWithinRelatedPartyTransactions><in-capmkt:WhetherSaleOrDisposalEventRPTIsMaterial contextRef="OneD">false</in-capmkt:WhetherSaleOrDisposalEventRPTIsMaterial><in-capmkt:WhetherSaleOrDisposalEventIsDoneAtArmsLength contextRef="OneD">false</in-capmkt:WhetherSaleOrDisposalEventIsDoneAtArmsLength><in-capmkt:AnyOtherBriefSignificantInformationForSaleOrDisposal contextRef="OneI">1. Raasi Cement Limited is an Associate of the Company. 2. The amount of net worth given above should be read as -1,68,00,000 (-0.06%) Negative Networth. 3. The Company and its wholly owned subsidiaries, ICL  Financial Services Limited and ICL Securities Limited, shall enter into an agreement with Venbro Investments and Financial Services Private Limited, the proposed buyer, upon finalisation of terms. 4. It is proposed to sell at a consideration of Rs.10,000/-.</in-capmkt:AnyOtherBriefSignificantInformationForSaleOrDisposal></xbrli:xbrl>