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There are several intertwined layers to the study and application of International Corporate Finance and Risk Management. To name a few there is: Foreign Direct Investment; Political Risk; Multinational Capital Budgeting; Risk Management of Foreign Currency and other Assets; and Business Ethics. The case, Enron in India, (Winner of the 1999 FMA/CIBER Case Competition) follows the trials and tribulations of both parties - Ms Rebecca Mark, CEO Enron, and the Indian Government - to render explicit the interrelated issues of International Financial Risk Management. Enron in India is a comprehensive and complex case in three parts( A, B, and C) with good pedagogical potential. Background notes and Teaching notes facilitate the comprehension. There are some focused "mini cases" hidden in this three part case. One example is the "mini case" on the "power marketing sector" - to be found in the Background notes to Enron and the US Electricity Sector. Part A: Enron Corp, the natural gas distribution company is assessing its decision to invest in power production and distribution in India. The Indian Government is confronting its old fears of colonization and foreign economic dominance. The issues of Foreign Direct Investment and Political Risk are addressed as both parties grapple with their respective decisions. Part B: Multinational capital budgeting is the most challenging task facing a firm today. Enron Corp grapples with the issues of how to account for and estimate the cash flow for Phase I of the Dhabol Project in India - sunken costs, opportunity costs, externalities and unit costs of production. Cash flows of Phase I of the Dhabol Project will lead to a negative NPV. Should the firm accept the project with a negative NPV? What is the rationale behind this decision? The estimation of cash flows from the Dhabol Project will require some creative thinking, especially with regard to working capital and the discount rate. Part C: Ethical considerations are inevitable as Enron Corp pursues its agenda of aggressive overseas expansion and as needy countries seek out help for the development of their infrastructure. What are the ethics of expansion overseas and the respect for environmental conditions of the host economies? What are the ethical exigencies of the host government as it desperately tries to attract foreign capital for imperative economic development? This case was sponsored by the Indiana University CIBER Case Collection.