<?xml version="1.0" encoding="UTF-8" standalone="no"?><xbrli:xbrl xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:in-capmkt="http://www.sebi.gov.in/xbrl/2022-03-31/in-capmkt" xmlns:in-capmkt-roles="http://www.sebi.gov.in/xbrl/RelatedPartyTransactions/2022-03-31/in-capmkt/in-capmkt-ent" xmlns:in-capmkt-types="https://www.sebi.gov.in/xbrl/2022-03-31/in-capmkt-types" 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-2022-03-31.xsd" xlink:type="simple"/><xbrli:context id="MainD"><xbrli:entity><xbrli:identifier 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scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">532181</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2022-10-01</xbrli:startDate><xbrli:endDate>2023-03-31</xbrli:endDate></xbrli:period><xbrli:scenario><xbrldi:typedMember dimension="in-capmkt:RelatedPartyTransactionAxis"><in-capmkt:RelatedPartyTransactionDomain>RelatedPartyTransactionDomain3</in-capmkt:RelatedPartyTransactionDomain></xbrldi:typedMember></xbrli:scenario></xbrli:context><xbrli:context id="RelatedPartyTransaction_PY3"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">532181</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2022-09-30</xbrli:instant></xbrli:period><xbrli:scenario><xbrldi:typedMember dimension="in-capmkt:RelatedPartyTransactionAxis"><in-capmkt:RelatedPartyTransactionDomain>RelatedPartyTransactionDomain3</in-capmkt:RelatedPartyTransactionDomain></xbrldi:typedMember></xbrli:scenario></xbrli:context><xbrli:context 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dimension="in-capmkt:RelatedPartyTransactionAxis"><in-capmkt:RelatedPartyTransactionDomain>RelatedPartyTransactionDomain4</in-capmkt:RelatedPartyTransactionDomain></xbrldi:typedMember></xbrli:scenario></xbrli:context><xbrli:context id="RelatedPartyTransaction_PY4"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">532181</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2022-09-30</xbrli:instant></xbrli:period><xbrli:scenario><xbrldi:typedMember dimension="in-capmkt:RelatedPartyTransactionAxis"><in-capmkt:RelatedPartyTransactionDomain>RelatedPartyTransactionDomain4</in-capmkt:RelatedPartyTransactionDomain></xbrldi:typedMember></xbrli:scenario></xbrli:context><xbrli:context id="RelatedPartyTransaction4"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">532181</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2023-03-31</xbrli:instant></xbrli:period><xbrli:scenario><xbrldi:typedMember dimension="in-capmkt:RelatedPartyTransactionAxis"><in-capmkt:RelatedPartyTransactionDomain>RelatedPartyTransactionDomain4</in-capmkt:RelatedPartyTransactionDomain></xbrldi:typedMember></xbrli:scenario></xbrli:context><xbrli:unit id="INR"><xbrli:measure>iso4217:INR</xbrli:measure></xbrli:unit><in-capmkt:NameOfTheCompany contextRef="MainI">GUJARAT MINERAL DEVELOPMENT CORPORATION LIMITED</in-capmkt:NameOfTheCompany><in-capmkt:ScripCode contextRef="MainI">532181</in-capmkt:ScripCode><in-capmkt:NSESymbol contextRef="MainI">GMDCLTD</in-capmkt:NSESymbol><in-capmkt:DateOfStartOfFinancialYear contextRef="MainD">2022-04-01</in-capmkt:DateOfStartOfFinancialYear><in-capmkt:DateOfEndOfFinancialYear contextRef="MainD">2023-03-31</in-capmkt:DateOfEndOfFinancialYear><in-capmkt:ReportingPeriod contextRef="MainD">Second half yearly</in-capmkt:ReportingPeriod><in-capmkt:DateOfStartOfReportingPeriod contextRef="MainD">2022-10-01</in-capmkt:DateOfStartOfReportingPeriod><in-capmkt:DateOfEndOfReportingPeriod contextRef="MainD">2023-03-31</in-capmkt:DateOfEndOfReportingPeriod><in-capmkt:LevelOfRoundingUsedInFinancialStatements contextRef="MainD">Lakhs</in-capmkt:LevelOfRoundingUsedInFinancialStatements><in-capmkt:WhetherTheCompanyHasAnyRelatedParty contextRef="MainD">true</in-capmkt:WhetherTheCompanyHasAnyRelatedParty><in-capmkt:WhetherTheCompanyHasEnteredIntoAnyRelatedPartyTransactionDuringThePeriod contextRef="MainD">true</in-capmkt:WhetherTheCompanyHasEnteredIntoAnyRelatedPartyTransactionDuringThePeriod><in-capmkt:WeDeclareThatTheAcceptanceOfFixedDepositsByTheBansOrNonBankingFinanceCompanyAreAtTheTermsUniformlyApplicableOrOfferedToAllShareholdersOrPublic contextRef="MainD">NA</in-capmkt:WeDeclareThatTheAcceptanceOfFixedDepositsByTheBansOrNonBankingFinanceCompanyAreAtTheTermsUniformlyApplicableOrOfferedToAllShareholdersOrPublic><in-capmkt:WeDeclareThatTheScheduledCommercialBankAsPerRBICircularRBIDBR20151619DatedMarch032016HasAllowedAdditionalInterestOfOnePerCentPerAnnumOverAndAboveTheRateOfInterestMentionedInTheScheduleOfInterestRatesOnSavings contextRef="MainD">NA</in-capmkt:WeDeclareThatTheScheduledCommercialBankAsPerRBICircularRBIDBR20151619DatedMarch032016HasAllowedAdditionalInterestOfOnePerCentPerAnnumOverAndAboveTheRateOfInterestMentionedInTheScheduleOfInterestRatesOnSavings><in-capmkt:WhetherTheCompanyIsAHighValueDebtListedEntityAccordingToRegulation151A contextRef="MainD">false</in-capmkt:WhetherTheCompanyIsAHighValueDebtListedEntityAccordingToRegulation151A><in-capmkt:IfTheCompanyIsAHighValueDebtListedEntityAccordingToRegulation151AThenWhetherComplyingWithProvisoToRegulation239 contextRef="MainD">false</in-capmkt:IfTheCompanyIsAHighValueDebtListedEntityAccordingToRegulation151AThenWhetherComplyingWithProvisoToRegulation239><in-capmkt:NameOfListedEntityOrSubsidiaryEnteringIntoTheTransaction contextRef="D_RelatedPartyTransaction1">GUJARAT MINERAL DEVELOPMENT CORPORATION LIMITED</in-capmkt:NameOfListedEntityOrSubsidiaryEnteringIntoTheTransaction><in-capmkt:NameOfCounterParty contextRef="D_RelatedPartyTransaction1">GUJARAT CREDO MINERAL INDUSTRIES LTD</in-capmkt:NameOfCounterParty><in-capmkt:RelationshipOfTheCounterpartyWithTheListedEntityOrItsSubsidiary contextRef="D_RelatedPartyTransaction1">ASSOCIATE</in-capmkt:RelationshipOfTheCounterpartyWithTheListedEntityOrItsSubsidiary><in-capmkt:TypeOfRelatedPartyTransaction contextRef="D_RelatedPartyTransaction1">Sale of goods or services</in-capmkt:TypeOfRelatedPartyTransaction><in-capmkt:RemarksOnApprovalByAuditCommittee contextRef="D_RelatedPartyTransaction1">APPROVED</in-capmkt:RemarksOnApprovalByAuditCommittee><in-capmkt:AmountOfRelatedPartyTransactionDuringTheReportingPeriod contextRef="D_RelatedPartyTransaction1" decimals="-5" unitRef="INR">16753617800000</in-capmkt:AmountOfRelatedPartyTransactionDuringTheReportingPeriod><in-capmkt:AmountOfRelatedPartyTransaction contextRef="RelatedPartyTransaction_PY1" decimals="-5" unitRef="INR">12881733200000</in-capmkt:AmountOfRelatedPartyTransaction><in-capmkt:AmountOfRelatedPartyTransaction contextRef="RelatedPartyTransaction1" decimals="-5" unitRef="INR">10769495600000</in-capmkt:AmountOfRelatedPartyTransaction><in-capmkt:RelatedPartyTransactionExplanatory contextRef="D_RelatedPartyTransaction1">&lt;DIV   &gt;
&lt;DIV&gt;AMOUNT RECEIVED IS RS.10,08,98,404.&lt;/DIV&gt;&lt;/DIV&gt;</in-capmkt:RelatedPartyTransactionExplanatory><in-capmkt:NameOfListedEntityOrSubsidiaryEnteringIntoTheTransaction contextRef="D_RelatedPartyTransaction2">GUJARAT MINERAL DEVELOPMENT CORPORATION LIMITED</in-capmkt:NameOfListedEntityOrSubsidiaryEnteringIntoTheTransaction><in-capmkt:NameOfCounterParty contextRef="D_RelatedPartyTransaction2">AIKYA CHEMICALS PVT LTD</in-capmkt:NameOfCounterParty><in-capmkt:RelationshipOfTheCounterpartyWithTheListedEntityOrItsSubsidiary contextRef="D_RelatedPartyTransaction2">ASSOCIATE</in-capmkt:RelationshipOfTheCounterpartyWithTheListedEntityOrItsSubsidiary><in-capmkt:TypeOfRelatedPartyTransaction contextRef="D_RelatedPartyTransaction2">Sale of goods or services</in-capmkt:TypeOfRelatedPartyTransaction><in-capmkt:RemarksOnApprovalByAuditCommittee contextRef="D_RelatedPartyTransaction2">APPROVED</in-capmkt:RemarksOnApprovalByAuditCommittee><in-capmkt:AmountOfRelatedPartyTransactionDuringTheReportingPeriod contextRef="D_RelatedPartyTransaction2" decimals="-5" unitRef="INR">7117819100000</in-capmkt:AmountOfRelatedPartyTransactionDuringTheReportingPeriod><in-capmkt:AmountOfRelatedPartyTransaction contextRef="RelatedPartyTransaction_PY2" decimals="-5" unitRef="INR">0</in-capmkt:AmountOfRelatedPartyTransaction><in-capmkt:AmountOfRelatedPartyTransaction contextRef="RelatedPartyTransaction2" decimals="-5" unitRef="INR">-459806500000</in-capmkt:AmountOfRelatedPartyTransaction><in-capmkt:RelatedPartyTransactionExplanatory contextRef="D_RelatedPartyTransaction2">&lt;DIV   &gt;
&lt;DIV&gt;AMOUNT RECEIVED IS RS. 36614856.00&lt;/DIV&gt;&lt;/DIV&gt;</in-capmkt:RelatedPartyTransactionExplanatory><in-capmkt:NameOfListedEntityOrSubsidiaryEnteringIntoTheTransaction contextRef="D_RelatedPartyTransaction3">GUJARAT MINERAL DEVELOPMENT CORPORATION LIMITED</in-capmkt:NameOfListedEntityOrSubsidiaryEnteringIntoTheTransaction><in-capmkt:NameOfCounterParty contextRef="D_RelatedPartyTransaction3">GUJARAT FOUNDATION FOR ENTREPRENEURIAL EXCELLENCE</in-capmkt:NameOfCounterParty><in-capmkt:RelationshipOfTheCounterpartyWithTheListedEntityOrItsSubsidiary contextRef="D_RelatedPartyTransaction3">JOINT VENTURE</in-capmkt:RelationshipOfTheCounterpartyWithTheListedEntityOrItsSubsidiary><in-capmkt:TypeOfRelatedPartyTransaction contextRef="D_RelatedPartyTransaction3">Any other transaction</in-capmkt:TypeOfRelatedPartyTransaction><in-capmkt:DetailsOfOtherRelatedPartyTransaction contextRef="D_RelatedPartyTransaction3">FUND RECEIVED FROM GOG INTEREST RECEIPT AND NET OF DISBURSEMENT</in-capmkt:DetailsOfOtherRelatedPartyTransaction><in-capmkt:RemarksOnApprovalByAuditCommittee contextRef="D_RelatedPartyTransaction3">APPROVED</in-capmkt:RemarksOnApprovalByAuditCommittee><in-capmkt:AmountOfRelatedPartyTransactionDuringTheReportingPeriod contextRef="D_RelatedPartyTransaction3" decimals="-5" unitRef="INR">6592184500000</in-capmkt:AmountOfRelatedPartyTransactionDuringTheReportingPeriod><in-capmkt:AmountOfRelatedPartyTransaction contextRef="RelatedPartyTransaction_PY3" decimals="-5" unitRef="INR">-4752504100000</in-capmkt:AmountOfRelatedPartyTransaction><in-capmkt:AmountOfRelatedPartyTransaction contextRef="RelatedPartyTransaction3" decimals="-5" unitRef="INR">-8611550900000</in-capmkt:AmountOfRelatedPartyTransaction><in-capmkt:NameOfListedEntityOrSubsidiaryEnteringIntoTheTransaction contextRef="D_RelatedPartyTransaction4">GUJARAT MINERAL DEVELOPMENT CORPORATION LIMITED</in-capmkt:NameOfListedEntityOrSubsidiaryEnteringIntoTheTransaction><in-capmkt:NameOfCounterParty contextRef="D_RelatedPartyTransaction4">GMDC GRAMYA VIKAS TRUST</in-capmkt:NameOfCounterParty><in-capmkt:RelationshipOfTheCounterpartyWithTheListedEntityOrItsSubsidiary contextRef="D_RelatedPartyTransaction4">CSR ARM</in-capmkt:RelationshipOfTheCounterpartyWithTheListedEntityOrItsSubsidiary><in-capmkt:TypeOfRelatedPartyTransaction contextRef="D_RelatedPartyTransaction4">Any other transaction</in-capmkt:TypeOfRelatedPartyTransaction><in-capmkt:DetailsOfOtherRelatedPartyTransaction contextRef="D_RelatedPartyTransaction4">TOWARDS CSR ACTIVITY</in-capmkt:DetailsOfOtherRelatedPartyTransaction><in-capmkt:RemarksOnApprovalByAuditCommittee contextRef="D_RelatedPartyTransaction4">APPROVED</in-capmkt:RemarksOnApprovalByAuditCommittee><in-capmkt:AmountOfRelatedPartyTransactionDuringTheReportingPeriod contextRef="D_RelatedPartyTransaction4" decimals="-5" unitRef="INR">99228800000</in-capmkt:AmountOfRelatedPartyTransactionDuringTheReportingPeriod><in-capmkt:AmountOfRelatedPartyTransaction contextRef="RelatedPartyTransaction_PY4" decimals="-5" unitRef="INR">0</in-capmkt:AmountOfRelatedPartyTransaction><in-capmkt:AmountOfRelatedPartyTransaction contextRef="RelatedPartyTransaction4" decimals="-5" unitRef="INR">0</in-capmkt:AmountOfRelatedPartyTransaction></xbrli:xbrl>