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Project risk management emphasizes the need to rank and prioritize risks in a project to focus the risk management efforts. This risk prioritization is of special significance in public-private partnership ͑PPP͒ projects, since project success depends upon the efficient allocation of risks to the party who can best manage it. Previous studies on risk identification and assessment of PPP project risks have only produced an unstructured list of such risks and prioritizing them on the basis of probability and impact. This paper suggests the use of interpretative structural modeling ͑ISM͒ to prepare a hierarchical structure as well as the interrelationships of these risks that would enable decision makers to take appropriate steps. MICMAC ͑matrice d'impacts croises-multiplication appliqué a un classemen͒ analysis is also done to determine the dependency and driving power of the risks. ISM, along with MICMAC analysis, provides a useful hierarchy of risks whose individual relationships are unambiguous but whose group relationships are too complex to organize intuitively and can help practitioners better understand risk dependencies and prioritize risk-mitigation efforts. This study identified 17 risks encountered during the development phase of PPP projects in Indian road sector and found that fourteen risks were weak drivers and weak dependents. Delay in financial closure, cost overrun risk, and time overrun risk have been found to have the highest dependence on other risks. The analysis can be extended by practitioners for risk analysis in other infrastructures such as railways, seaports, airports etc.