Multicultural discourse has reached Latin American higher education in the form of a set of policies targeting indigenous peoples. These policies are strongly influenced by the transfer of European notions of "interculturality", which, in the Mexican context, are understood as positive interactions between members of minority and majority cultures. In Mexico, innovative and often polemical "intercultural universities or colleges" are being created by governments, by NGOs or by pre-existing universities. This trend towards "diversifying" the ethnocultural profiles of students and curricular contents coincides with a broader tendency to force institutions of higher education to become more "efficient", "corporate" and "outcome-oriented". Accordingly, these still very recently established "intercultural universities" are often criticised as being part of a common policy of "privatisation" and "neoliberalisation" and of developing curricula particular to specific groups which weakens the universalist and comprehensive nature of Latin American public universities. Indigenous leaders, on the contrary, frequently claim and celebrate the appearance of these new higher education opportunities as part of a strategy of empowering actors of indigenous origin or African descent. Going beyond this polemic, this paper presents the first findings of an activist anthropological and ethnographically-based case study of the actors participating in the configuration of one of these new institutions of higher education, the "Universidad Veracruzana Intercultural" (UVI), located on the Mexican gulf coast. This article examines the way UVI has appropriated the discourse of interculturality on the basis of fieldwork conducted in the four indigenous regions where the UVI offers a B.A. in Intercultural Management for Development. The study focuses on the actors' teaching and learning practices, which are strongly shaped by an innovative and hybrid mixture of conventional university teaching, community-oriented research and "employability"-driven development projects. (Contains 3 figures and 2 notes.)