<?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/2023-01-31/in-capmkt" xmlns:in-capmkt-ent="https://www.sebi.gov.in/xbrl/Regulation_30_Restructuring/2023-01-31/in-capmkt/in-capmkt-ent" xmlns:in-capmkt-roles="https://www.sebi.gov.in/xbrl/Regulation_30_Restructuring/2023-01-31/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-2023-01-31.xsd" xlink:type="simple"/><xbrli:context id="OneI"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/NSESymbol">NETWORK18</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-03-26</xbrli:instant></xbrli:period></xbrli:context><xbrli:context id="OneD"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/NSESymbol">NETWORK18</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-03-26</xbrli:startDate><xbrli:endDate>2026-03-26</xbrli:endDate></xbrli:period></xbrli:context><xbrli:context id="D_AmalgamatedEntity1"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/NSESymbol">NETWORK18</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-03-26</xbrli:startDate><xbrli:endDate>2026-03-26</xbrli:endDate></xbrli:period><xbrli:scenario><xbrldi:typedMember dimension="in-capmkt:AmalgamatedEntityAxis"><in-capmkt:AmalgamatedEntityDomain>AmalgamatedEntityDomain1</in-capmkt:AmalgamatedEntityDomain></xbrldi:typedMember></xbrli:scenario></xbrli:context><xbrli:context id="I_AmalgamatedEntity1"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/NSESymbol">NETWORK18</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-03-26</xbrli:instant></xbrli:period><xbrli:scenario><xbrldi:typedMember dimension="in-capmkt:AmalgamatedEntityAxis"><in-capmkt:AmalgamatedEntityDomain>AmalgamatedEntityDomain1</in-capmkt:AmalgamatedEntityDomain></xbrldi:typedMember></xbrli:scenario></xbrli:context><xbrli:context id="D_AmalgamatedEntity2"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/NSESymbol">NETWORK18</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-03-26</xbrli:startDate><xbrli:endDate>2026-03-26</xbrli:endDate></xbrli:period><xbrli:scenario><xbrldi:typedMember dimension="in-capmkt:AmalgamatedEntityAxis"><in-capmkt:AmalgamatedEntityDomain>AmalgamatedEntityDomain2</in-capmkt:AmalgamatedEntityDomain></xbrldi:typedMember></xbrli:scenario></xbrli:context><xbrli:context id="I_AmalgamatedEntity2"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/NSESymbol">NETWORK18</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-03-26</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:NSESymbol contextRef="OneI">NETWORK18</in-capmkt:NSESymbol><in-capmkt:NameOfTheCompany contextRef="OneI">Network18 Media &amp; Investments Limited</in-capmkt:NameOfTheCompany><in-capmkt:TypeOfAnnouncementPertainingToRegulation30Restructuring contextRef="OneD">New</in-capmkt:TypeOfAnnouncementPertainingToRegulation30Restructuring><in-capmkt:EventOfAnnouncementPertainingToRegulation30Restructuring contextRef="OneD">Amalgamation/ Merger</in-capmkt:EventOfAnnouncementPertainingToRegulation30Restructuring><in-capmkt:DateOfEventOfAnnouncementPertainingToRegulation30Restructuring contextRef="OneI">2026-03-25</in-capmkt:DateOfEventOfAnnouncementPertainingToRegulation30Restructuring><in-capmkt:DateOfReport contextRef="OneI">2026-03-26</in-capmkt:DateOfReport><in-capmkt:NameOfTheAmalgamatedEntity contextRef="I_AmalgamatedEntity1">NETWORK18 MEDIA &amp; INVESTMENTS LIMITED</in-capmkt:NameOfTheAmalgamatedEntity><in-capmkt:TypeOfAmalgamatedEntity contextRef="D_AmalgamatedEntity1">Transferee</in-capmkt:TypeOfAmalgamatedEntity><in-capmkt:RelationshipOfAmalgamatedEntityWithListedEntities contextRef="D_AmalgamatedEntity1">Listed Entity (self)</in-capmkt:RelationshipOfAmalgamatedEntityWithListedEntities><in-capmkt:BriefDetailsOfTurnoverOrSizeOrOtherDetailsOfAmalgamatedEntity contextRef="I_AmalgamatedEntity1">Turnover - Rs. 2,206.87 crores</in-capmkt:BriefDetailsOfTurnoverOrSizeOrOtherDetailsOfAmalgamatedEntity><in-capmkt:NumberOfSharesUnderPromoterAndPromoterGroupCategoryPreEvent contextRef="I_AmalgamatedEntity1" decimals="INF" unitRef="shares">877258759</in-capmkt:NumberOfSharesUnderPromoterAndPromoterGroupCategoryPreEvent><in-capmkt:PercentageOfSharesUnderPromoterAndPromoterGroupCategoryPreEvent contextRef="I_AmalgamatedEntity1" decimals="INF" unitRef="pure">0.5689</in-capmkt:PercentageOfSharesUnderPromoterAndPromoterGroupCategoryPreEvent><in-capmkt:NumberOfSharesUnderPublicCategoryPreEvent contextRef="I_AmalgamatedEntity1" decimals="INF" unitRef="shares">664741259</in-capmkt:NumberOfSharesUnderPublicCategoryPreEvent><in-capmkt:PercentageOfSharesUnderPublicCategoryPreEvent contextRef="I_AmalgamatedEntity1" decimals="INF" unitRef="pure">0.4311</in-capmkt:PercentageOfSharesUnderPublicCategoryPreEvent><in-capmkt:NumberOfSharesUnderOtherCategoryPreEvent contextRef="I_AmalgamatedEntity1" decimals="INF" unitRef="shares">0</in-capmkt:NumberOfSharesUnderOtherCategoryPreEvent><in-capmkt:PercentageOfSharesUnderOtherCategoryPreEvent contextRef="I_AmalgamatedEntity1" decimals="INF" unitRef="pure">0</in-capmkt:PercentageOfSharesUnderOtherCategoryPreEvent><in-capmkt:TotalNumberOfSharesPreEvent contextRef="I_AmalgamatedEntity1" decimals="INF" unitRef="shares">1542000018</in-capmkt:TotalNumberOfSharesPreEvent><in-capmkt:TotalPercentageOfSharesPreEvent contextRef="I_AmalgamatedEntity1" decimals="INF" unitRef="pure">1</in-capmkt:TotalPercentageOfSharesPreEvent><in-capmkt:NumberOfSharesUnderPromoterAndPromoterGroupCategoryPostEvent contextRef="I_AmalgamatedEntity1" decimals="INF" unitRef="shares">877258759</in-capmkt:NumberOfSharesUnderPromoterAndPromoterGroupCategoryPostEvent><in-capmkt:PercentageOfSharesUnderPromoterAndPromoterGroupCategoryPostEvent contextRef="I_AmalgamatedEntity1" decimals="INF" unitRef="pure">0.5689</in-capmkt:PercentageOfSharesUnderPromoterAndPromoterGroupCategoryPostEvent><in-capmkt:NumberOfSharesUnderPublicCategoryPostEvent contextRef="I_AmalgamatedEntity1" decimals="INF" unitRef="shares">664741259</in-capmkt:NumberOfSharesUnderPublicCategoryPostEvent><in-capmkt:PercentageOfSharesUnderPublicCategoryPostEvent contextRef="I_AmalgamatedEntity1" decimals="INF" unitRef="pure">0.4311</in-capmkt:PercentageOfSharesUnderPublicCategoryPostEvent><in-capmkt:NumberOfSharesUnderOtherCategoryPostEvent contextRef="I_AmalgamatedEntity1" decimals="INF" unitRef="shares">0</in-capmkt:NumberOfSharesUnderOtherCategoryPostEvent><in-capmkt:PercentageOfSharesUnderOtherCategoryPostEvent contextRef="I_AmalgamatedEntity1" decimals="INF" unitRef="pure">0</in-capmkt:PercentageOfSharesUnderOtherCategoryPostEvent><in-capmkt:TotalNumberOfSharesPostEvent contextRef="I_AmalgamatedEntity1" decimals="INF" unitRef="shares">1542000018</in-capmkt:TotalNumberOfSharesPostEvent><in-capmkt:TotalPercentageOfSharesPostEvent contextRef="I_AmalgamatedEntity1" decimals="INF" unitRef="pure">1</in-capmkt:TotalPercentageOfSharesPostEvent><in-capmkt:NameOfTheAmalgamatedEntity contextRef="I_AmalgamatedEntity2">NEWS18 MARATHI PRIVATE LIMITED (FORMERLY KNOWN AS IBN LOKMAT NEWS PRIVATE LIMITED)</in-capmkt:NameOfTheAmalgamatedEntity><in-capmkt:TypeOfAmalgamatedEntity contextRef="D_AmalgamatedEntity2">Transferor</in-capmkt:TypeOfAmalgamatedEntity><in-capmkt:RelationshipOfAmalgamatedEntityWithListedEntities contextRef="D_AmalgamatedEntity2">Subsidiary</in-capmkt:RelationshipOfAmalgamatedEntityWithListedEntities><in-capmkt:BriefDetailsOfTurnoverOrSizeOrOtherDetailsOfAmalgamatedEntity contextRef="I_AmalgamatedEntity2">Turnover -  Rs. 43.02 crores</in-capmkt:BriefDetailsOfTurnoverOrSizeOrOtherDetailsOfAmalgamatedEntity><in-capmkt:NumberOfSharesUnderPromoterAndPromoterGroupCategoryPreEvent contextRef="I_AmalgamatedEntity2" decimals="INF" unitRef="shares">22010500</in-capmkt:NumberOfSharesUnderPromoterAndPromoterGroupCategoryPreEvent><in-capmkt:PercentageOfSharesUnderPromoterAndPromoterGroupCategoryPreEvent contextRef="I_AmalgamatedEntity2" decimals="INF" unitRef="pure">1</in-capmkt:PercentageOfSharesUnderPromoterAndPromoterGroupCategoryPreEvent><in-capmkt:NumberOfSharesUnderPublicCategoryPreEvent contextRef="I_AmalgamatedEntity2" decimals="INF" unitRef="shares">0</in-capmkt:NumberOfSharesUnderPublicCategoryPreEvent><in-capmkt:PercentageOfSharesUnderPublicCategoryPreEvent contextRef="I_AmalgamatedEntity2" decimals="INF" unitRef="pure">0</in-capmkt:PercentageOfSharesUnderPublicCategoryPreEvent><in-capmkt:NumberOfSharesUnderOtherCategoryPreEvent contextRef="I_AmalgamatedEntity2" decimals="INF" unitRef="shares">0</in-capmkt:NumberOfSharesUnderOtherCategoryPreEvent><in-capmkt:PercentageOfSharesUnderOtherCategoryPreEvent contextRef="I_AmalgamatedEntity2" decimals="INF" unitRef="pure">0</in-capmkt:PercentageOfSharesUnderOtherCategoryPreEvent><in-capmkt:TotalNumberOfSharesPreEvent contextRef="I_AmalgamatedEntity2" decimals="INF" unitRef="shares">22010500</in-capmkt:TotalNumberOfSharesPreEvent><in-capmkt:TotalPercentageOfSharesPreEvent contextRef="I_AmalgamatedEntity2" decimals="INF" unitRef="pure">1</in-capmkt:TotalPercentageOfSharesPreEvent><in-capmkt:NumberOfSharesUnderPromoterAndPromoterGroupCategoryPostEvent contextRef="I_AmalgamatedEntity2" decimals="INF" unitRef="shares">0</in-capmkt:NumberOfSharesUnderPromoterAndPromoterGroupCategoryPostEvent><in-capmkt:PercentageOfSharesUnderPromoterAndPromoterGroupCategoryPostEvent contextRef="I_AmalgamatedEntity2" decimals="INF" unitRef="pure">0</in-capmkt:PercentageOfSharesUnderPromoterAndPromoterGroupCategoryPostEvent><in-capmkt:NumberOfSharesUnderPublicCategoryPostEvent contextRef="I_AmalgamatedEntity2" decimals="INF" unitRef="shares">0</in-capmkt:NumberOfSharesUnderPublicCategoryPostEvent><in-capmkt:PercentageOfSharesUnderPublicCategoryPostEvent contextRef="I_AmalgamatedEntity2" decimals="INF" unitRef="pure">0</in-capmkt:PercentageOfSharesUnderPublicCategoryPostEvent><in-capmkt:NumberOfSharesUnderOtherCategoryPostEvent contextRef="I_AmalgamatedEntity2" decimals="INF" unitRef="shares">0</in-capmkt:NumberOfSharesUnderOtherCategoryPostEvent><in-capmkt:PercentageOfSharesUnderOtherCategoryPostEvent contextRef="I_AmalgamatedEntity2" decimals="INF" unitRef="pure">0</in-capmkt:PercentageOfSharesUnderOtherCategoryPostEvent><in-capmkt:TotalNumberOfSharesPostEvent contextRef="I_AmalgamatedEntity2" decimals="INF" unitRef="shares">0</in-capmkt:TotalNumberOfSharesPostEvent><in-capmkt:TotalPercentageOfSharesPostEvent contextRef="I_AmalgamatedEntity2" decimals="INF" unitRef="pure">0</in-capmkt:TotalPercentageOfSharesPostEvent><in-capmkt:WhetherTheAmalgamationOrMergerWouldFallWithinRelatedPartyTransactions contextRef="OneD">true</in-capmkt:WhetherTheAmalgamationOrMergerWouldFallWithinRelatedPartyTransactions><in-capmkt:DateOfBoardMeetingForAmalgamationInWhichRPTApprovalTaken contextRef="OneI">2026-03-25</in-capmkt:DateOfBoardMeetingForAmalgamationInWhichRPTApprovalTaken><in-capmkt:WhetherAmalgamationOrMergerEventRPTIsMaterial contextRef="OneD">false</in-capmkt:WhetherAmalgamationOrMergerEventRPTIsMaterial><in-capmkt:WhetherThePromoterOrPromoterGroupOrGroupOrAssociateOrHoldingOrSubsidiaryCompaniesOrDirectorAndKMPAndItsRelativesHaveAnyInterestInTheEntityBeingAmalgamated contextRef="OneD">false</in-capmkt:WhetherThePromoterOrPromoterGroupOrGroupOrAssociateOrHoldingOrSubsidiaryCompaniesOrDirectorAndKMPAndItsRelativesHaveAnyInterestInTheEntityBeingAmalgamated><in-capmkt:WhetherAmalgamationOrMergerIsDoneAtArmsLength contextRef="OneD">true</in-capmkt:WhetherAmalgamationOrMergerIsDoneAtArmsLength><in-capmkt:AreaOfBusinessOfTheEntitiesForAmalgamationOrMergerEvent contextRef="OneI">1. Network18 Media &amp; Investments Limited  broadcasts general news channels in Hindi, English and other regional languages and business news channels in Hindi, English and Gujarati and also houses a portfolio of digital news websites and magazines.
2. News18 Marathi Private Limited (formerly known as IBN Lokmat News Private Limited), a wholly-owned subsidiary of Network18, operates Marathi news channel.</in-capmkt:AreaOfBusinessOfTheEntitiesForAmalgamationOrMergerEvent><in-capmkt:RationaleForAmalgamationOrMerger contextRef="OneI">The amalgamation of the Transferor Company with the Transferee Company  would entail following benefits:

1.	Streamlining of the corporate structure and consolidation of business of News18 with Network18;
2.	The consolidation of businesses of Network18 and News18 would result in operational synergies, cost optimization and increased revenue realisation; and
3.	Reduction of administrative responsibilities, multiplicity of records and legal &amp; regulatory compliances.</in-capmkt:RationaleForAmalgamationOrMerger><in-capmkt:NatureOfConsiderationForAmalgamationOrMerger contextRef="OneD">Others</in-capmkt:NatureOfConsiderationForAmalgamationOrMerger><in-capmkt:DetailsOfConsiderationForAmalgamationOrMerger contextRef="OneI">No consideration is being paid either in cash or by issue of shares</in-capmkt:DetailsOfConsiderationForAmalgamationOrMerger><in-capmkt:BriefDetailsOfChangeInShareholdingPatternOfListedEntityForAmalgamationOrMerger contextRef="OneI">There will no change in the shareholding pattern of listed entity</in-capmkt:BriefDetailsOfChangeInShareholdingPatternOfListedEntityForAmalgamationOrMerger><in-capmkt:AnyOtherBriefSignificantInformationForAmalgamationOrMerger contextRef="OneI">The Scheme is subject to statutory and regulatory approvals as may be necessary.
As it is a WOS merger with holding company , audit committee and board aproval are not required for RPT. Board approved the scheme of merger on March 25, 2026.</in-capmkt:AnyOtherBriefSignificantInformationForAmalgamationOrMerger></xbrli:xbrl>