<?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">544198</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2025-03-21</xbrli:instant></xbrli:period></xbrli:context><xbrli:context id="OneD"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ISIN">544198</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2025-03-21</xbrli:startDate><xbrli:endDate>2025-03-21</xbrli:endDate></xbrli:period></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">DEE Development Engineers Limited</in-capmkt:NameOfTheCompany><in-capmkt:NSESymbol contextRef="OneI">DEEDEV</in-capmkt:NSESymbol><in-capmkt:TypeOfAnnouncementPertainingToRegulation30Restructuring contextRef="OneD">New</in-capmkt:TypeOfAnnouncementPertainingToRegulation30Restructuring><in-capmkt:EventOfAnnouncementPertainingToRegulation30Restructuring contextRef="OneD">Acquisition (including agreement to acquire)</in-capmkt:EventOfAnnouncementPertainingToRegulation30Restructuring><in-capmkt:DateOfEventOfAnnouncementPertainingToRegulation30Restructuring contextRef="OneI">2025-03-20</in-capmkt:DateOfEventOfAnnouncementPertainingToRegulation30Restructuring><in-capmkt:DateOfReport contextRef="OneI">2025-03-21</in-capmkt:DateOfReport><in-capmkt:NameOfAcquirer contextRef="OneI">DEE Development Engineers Limited</in-capmkt:NameOfAcquirer><in-capmkt:RelationshipOfAcquirerWithTheListedEntity contextRef="OneD">Listed Entity (self)</in-capmkt:RelationshipOfAcquirerWithTheListedEntity><in-capmkt:NameOfTheTargetEntity contextRef="OneI">DEE Piping Systems (Thailand) Co. Limited</in-capmkt:NameOfTheTargetEntity><in-capmkt:TurnoverOfTargetEntity contextRef="OneD" decimals="-5" unitRef="INR">823900000</in-capmkt:TurnoverOfTargetEntity><in-capmkt:ProfitAfterTaxOfTargetEntity contextRef="OneD" decimals="-5" unitRef="INR">-43300000</in-capmkt:ProfitAfterTaxOfTargetEntity><in-capmkt:NetWorthOfTargetEntity contextRef="OneD" decimals="-5" unitRef="INR">-118100000</in-capmkt:NetWorthOfTargetEntity><in-capmkt:WhetherTheAcquisitionWouldFallWithinRelatedPartyTransactions contextRef="OneD">true</in-capmkt:WhetherTheAcquisitionWouldFallWithinRelatedPartyTransactions><in-capmkt:DateOfBoardMeetingInWhichRPTApprovalTakenForAcquisitionEvent contextRef="OneI">2024-11-11</in-capmkt:DateOfBoardMeetingInWhichRPTApprovalTakenForAcquisitionEvent><in-capmkt:DateOfAuditCommitteeMeetingInWhichRPTApprovalTakenForAcquisitionEvent contextRef="OneI">2024-11-11</in-capmkt:DateOfAuditCommitteeMeetingInWhichRPTApprovalTakenForAcquisitionEvent><in-capmkt:WhetherAcquisitionEventRPTIsMaterial contextRef="OneD">false</in-capmkt:WhetherAcquisitionEventRPTIsMaterial><in-capmkt:WhetherThePromoterOrPromoterGroupOrGroupOrAssociateOrHoldingOrSubsidiaryCompaniesOrDirectorAndKMPAndItsRelativesHaveAnyInterestInTheEntityBeingAcquired contextRef="OneD">true</in-capmkt:WhetherThePromoterOrPromoterGroupOrGroupOrAssociateOrHoldingOrSubsidiaryCompaniesOrDirectorAndKMPAndItsRelativesHaveAnyInterestInTheEntityBeingAcquired><in-capmkt:NatureOfInterestAndDetailsThereofForAcquisitionEvent contextRef="OneI">DEE Development Engineers Limited (“The Company”) is a holding Company of DEE Piping Systems (Thailand) Co. Limited holding 6,59,31,358 equity share of THB 5/- each.
The Company proposes to further invest in DEE Piping Systems (Thailand) Co. Limited through 1,61,61,616 Equity Shares, representing 24.51% of the existing paid-up Equity Share capital.
Hence, the Post Transaction Equity Shares will be 8,20,92,974 equity shares of THB 5/- each.</in-capmkt:NatureOfInterestAndDetailsThereofForAcquisitionEvent><in-capmkt:WhetherAcquisitionIsDoneAtArmsLength contextRef="OneD">true</in-capmkt:WhetherAcquisitionIsDoneAtArmsLength><in-capmkt:IndustryToWhichTheEntityBeingAcquiredBelongs contextRef="OneI">Engineering Industry</in-capmkt:IndustryToWhichTheEntityBeingAcquiredBelongs><in-capmkt:ObjectsAndEffectsOfAcquisitionIncludingButNotLimitedToDisclosureOfReasonsForAcquisitionOfTargetEntityIfItsBusinessIsOutsideTheMainLineOfBusinessOfTheListedEntity contextRef="OneI">The investment amount will be used by DEE Piping Systems (Thailand) Co. Limited to repay its debt.</in-capmkt:ObjectsAndEffectsOfAcquisitionIncludingButNotLimitedToDisclosureOfReasonsForAcquisitionOfTargetEntityIfItsBusinessIsOutsideTheMainLineOfBusinessOfTheListedEntity><in-capmkt:WhetherAnyGovernmentalOrRegulatoryApprovalsRequiredForTheAcquisition contextRef="OneD">NA</in-capmkt:WhetherAnyGovernmentalOrRegulatoryApprovalsRequiredForTheAcquisition><in-capmkt:WhetherTheAcquisitionTransactionWillBeInTranches contextRef="OneD">true</in-capmkt:WhetherTheAcquisitionTransactionWillBeInTranches><in-capmkt:IndicativeTimePeriodForCompletionOfTheAcquisition contextRef="OneI">Not Applicable as the Completion period cannot be ascertained</in-capmkt:IndicativeTimePeriodForCompletionOfTheAcquisition><in-capmkt:NatureOfConsiderationForAcquisitionEvent contextRef="OneD">Cash</in-capmkt:NatureOfConsiderationForAcquisitionEvent><in-capmkt:CostOfAcquisitionOrThePriceAtWhichTheSharesAreAcquired contextRef="OneD" decimals="-5" unitRef="INR">207300000</in-capmkt:CostOfAcquisitionOrThePriceAtWhichTheSharesAreAcquired><in-capmkt:ExistingPercentageOfShareholdingHeldByAcquirer contextRef="OneI" decimals="INF" unitRef="pure">1</in-capmkt:ExistingPercentageOfShareholdingHeldByAcquirer><in-capmkt:PercentageOfControlAcquired contextRef="OneI" decimals="INF" unitRef="pure">1</in-capmkt:PercentageOfControlAcquired><in-capmkt:PercentageOfAdditionalSharesAcquiredIfExistingHoldingPersists contextRef="OneI" decimals="INF" unitRef="pure">1</in-capmkt:PercentageOfAdditionalSharesAcquiredIfExistingHoldingPersists><in-capmkt:BriefBackgroundAboutTheEntityAcquiredInTermsOfProductsLineOfBusinessAcquired contextRef="OneI">DEE Piping Systems (Thailand) Co. Limited is a wholly owned subsidiary of DEE Development Engineers Limited. It was incorporated on October 7, 2014 under Thailand’s Civil and Commercial Code. Its registered office is situated at Nos. 59 and 59/8, Moo. 6, Thakham Sub - district, Bangpakong District, Chachoengsao Province. It is engaged in the business of fabrication (including prefabrication and on-site fabrication) of pipe spool and other components for assembling industrial piping systems used in various industries.</in-capmkt:BriefBackgroundAboutTheEntityAcquiredInTermsOfProductsLineOfBusinessAcquired><in-capmkt:DateOfIncorporationForAcquisitionEvent contextRef="OneI">2014-10-07</in-capmkt:DateOfIncorporationForAcquisitionEvent><in-capmkt:StartYearOfFirstPreviousYear contextRef="OneI">2023</in-capmkt:StartYearOfFirstPreviousYear><in-capmkt:EndYearOfFirstPreviousYear contextRef="OneI">2024</in-capmkt:EndYearOfFirstPreviousYear><in-capmkt:TurnoverOfFirstPreviousYear contextRef="OneD" decimals="-5" unitRef="INR">829100000</in-capmkt:TurnoverOfFirstPreviousYear><in-capmkt:StartYearOfSecondPreviousYear contextRef="OneI">2022</in-capmkt:StartYearOfSecondPreviousYear><in-capmkt:EndYearOfSecondPreviousYear contextRef="OneI">2023</in-capmkt:EndYearOfSecondPreviousYear><in-capmkt:SecondPreviousYearTurnover contextRef="OneD" decimals="-5" unitRef="INR">631100000</in-capmkt:SecondPreviousYearTurnover><in-capmkt:StartYearOfThirdPreviousYear contextRef="OneI">2021</in-capmkt:StartYearOfThirdPreviousYear><in-capmkt:EndYearOfThirdPreviousYear contextRef="OneI">2022</in-capmkt:EndYearOfThirdPreviousYear><in-capmkt:ThirdPreviousYearTurnover contextRef="OneD" decimals="-5" unitRef="INR">409800000</in-capmkt:ThirdPreviousYearTurnover><in-capmkt:CountryInWhichTheAcquiredEntityHasPresence contextRef="OneI">Thailand</in-capmkt:CountryInWhichTheAcquiredEntityHasPresence></xbrli:xbrl>