Improved infrastructure is a critical factor in the continued economic growth and urbanisation of India. Private investment is expected to be an essential component of this India infrastructure development. This paper assesses the significance and performance of infrastructure in India, by assessing the risk-adjusted performance and portfolio diversification benefits of listed infrastructure companies in India over 2002 – 2009. India infrastructure is seen to deliver strong risk-adjusted returns compared with the other infrastructure sectors in the Asia-Pacific area and globally, as well as compared with Indian stocks and global stocks. Portfolio diversification benefits were also evident in an Asia-Pacific and global infrastructure context. Indian infrastructure showed a high degree of robustness during the global financial crisis; however, some loss of portfolio diversification benefit was evident. The implications for infrastructure in India and the future structural impediments to the continued development of effective infrastructure in India are also identified.