<?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">543317</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2025-12-30</xbrli:instant></xbrli:period></xbrli:context><xbrli:context id="OneD"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ISIN">543317</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2025-12-30</xbrli:startDate><xbrli:endDate>2025-12-30</xbrli:endDate></xbrli:period></xbrli:context><xbrli:context id="D_UnitOrDivisionOrSubsidiary1"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">543317</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2025-12-30</xbrli:startDate><xbrli:endDate>2025-12-30</xbrli:endDate></xbrli:period><xbrli:scenario><xbrldi:typedMember 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LIMITED</in-capmkt:NameOfTheCompany><in-capmkt:NSESymbol contextRef="OneI">GRINFRA</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">2025-12-29</in-capmkt:DateOfEventOfAnnouncementPertainingToRegulation30Restructuring><in-capmkt:DateOfReport contextRef="OneI">2025-12-30</in-capmkt:DateOfReport><in-capmkt:DetailsOfSaleOrDisposalUnitOrDivisionOrSubsidiaryOfTheListedEntity contextRef="I_UnitOrDivisionOrSubsidiary1">GR Bahadurganj Araria Highway Private Limited</in-capmkt:DetailsOfSaleOrDisposalUnitOrDivisionOrSubsidiaryOfTheListedEntity><in-capmkt:TypeOfSaleOrDisposalUnitOrDivisionOrSubsidiaryOfTheListedEntity contextRef="D_UnitOrDivisionOrSubsidiary1">Subsidiary</in-capmkt:TypeOfSaleOrDisposalUnitOrDivisionOrSubsidiaryOfTheListedEntity><in-capmkt:NameOfSaleOrDisposalUnitOrDivisionOrSubsidiaryOfTheListedEntity contextRef="I_UnitOrDivisionOrSubsidiary1">GR Bahadurganj Araria Highway Private 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" 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contextRef="OneI">2025-12-29</in-capmkt:DateOnWhichTheAgreementForSaleHasBeenEnteredInto><in-capmkt:TheExpectedDateOfCompletionOfSaleOrDisposal contextRef="OneI">2026-03-31</in-capmkt:TheExpectedDateOfCompletionOfSaleOrDisposal><in-capmkt:NatureOfConsiderationForSaleOrDisposal contextRef="OneD">Cash</in-capmkt:NatureOfConsiderationForSaleOrDisposal><in-capmkt:BriefDetailsOfBuyers contextRef="OneI">Name of Buyer: Indus Infra Trust.
Address of Buyer: : Seventh Floor, GR One Tower, Plot No. 7B, Sector 18, Gurugram, Haryana-122015</in-capmkt:BriefDetailsOfBuyers><in-capmkt:WhetherThePromoterOrPromoterGroupOrGroupOrAssociateOrHoldingOrSubsidiaryCompaniesOrDirectorAndKMPAndItsRelativesHaveAnyInterestInTheEntityBeingSaleOrDisposed contextRef="OneD">false</in-capmkt:WhetherThePromoterOrPromoterGroupOrGroupOrAssociateOrHoldingOrSubsidiaryCompaniesOrDirectorAndKMPAndItsRelativesHaveAnyInterestInTheEntityBeingSaleOrDisposed><in-capmkt:WhetherSaleOrDisposalWouldFallWithinRelatedPartyTransactions contextRef="OneD">true</in-capmkt:WhetherSaleOrDisposalWouldFallWithinRelatedPartyTransactions><in-capmkt:DateOfBoardMeetingInWhichRPTApprovalTakenForSaleOrDisposal contextRef="OneI">2025-09-26</in-capmkt:DateOfBoardMeetingInWhichRPTApprovalTakenForSaleOrDisposal><in-capmkt:DateOfAuditCommitteeMeetingInWhichRPTApprovalTakenForSaleOrDisposal contextRef="OneI">2025-09-26</in-capmkt:DateOfAuditCommitteeMeetingInWhichRPTApprovalTakenForSaleOrDisposal><in-capmkt:WhetherSaleOrDisposalEventRPTIsMaterial contextRef="OneD">false</in-capmkt:WhetherSaleOrDisposalEventRPTIsMaterial><in-capmkt:WhetherSaleOrDisposalEventIsDoneAtArmsLength contextRef="OneD">true</in-capmkt:WhetherSaleOrDisposalEventIsDoneAtArmsLength><in-capmkt:DateOfSpecialResolutionForSaleOrDisposalEvent contextRef="OneI">2025-12-29</in-capmkt:DateOfSpecialResolutionForSaleOrDisposalEvent><in-capmkt:AnyOtherBriefSignificantInformationForSaleOrDisposal contextRef="OneI">Date of Special Resolution is deemed date, as this is not required for this transaction.
update will be submitted after the finalisation of this transaction.
</in-capmkt:AnyOtherBriefSignificantInformationForSaleOrDisposal></xbrli:xbrl>