how to identify the phases in implementation of ITIL and how to know the effective processes are in place to manage the significant investment in IT infrastructure?
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You have to create processes for your organization following the ITIL guide lines and, of course, you have to define a set of KPIs so you can measure the effectiveness of those processes.
It's not a linear path, you have to create processes according with your organization culture and maturity and sometimes it could be a long path.

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The Phases are relevant to the Stage of the New Service being introduced in ITIL, Its not the stage of a ITIL Implementation. If you are referring to the Maturity of an Organization - You should consider CMMI. About understanding if the Processes are in place to Manage the IT Infrastructure, You should start with GAP Analysis - Basically identifying the Current State and GAP in terms of Best Practices.