After 16 days, India’s auction of airwaves for broadband wireless spectrum ended today, raising Rs 38,300 crore. That’s more than $8 billion for the Indian government. Privately held Infotel Broadband became the only bidder to secure nation-wide spectrum, shelling out $2.7 billion for the privilege. How could Infotel afford the spectrum – and indeed the roll-out obligation that came with it? The only way would be if it has a group of very richer backers. And that seems to be the case.