BL reported that both Reliance Industries Ltd and the TATA Group are scouting for opportunities in Mexico.

Ms Georgina Kessel Martinez Mexico's secretary of energy told newspersons that RIL is in the running for a service contract from Petroleos Mexicanos the national oil company of Mexico for the latter's new refinery project.

Ms Lorenza Martinez under secretary of industry commerce for the secretary of economy said that the TATA Group is close to buying an automotive firm in Mexico.

Ms Kessel Martinez said that she plans to visit India soon and will make a visit to the RIL facility in Jamnagar in this regard. PEMEX plans to build a new refinery to help lower Mexico's dependence on gasoline imports and plans a 300,000 barrels per day facility at a cost of USD 6 billion.

Ms Kessel Martinez said that the proposed refinery will be built in Tula in Mexico's Hidalgo State. It will process heavy crude oil and will be Mexico's first new refinery in three decades. Reliance could participate in the project by way of service contracts.

According to reports, TATA Motors has also been in talks with Mexico based Metalsa SA de CV for a contract manufacturing arrangement. TATA otors had earlier acquired a manufacturing unit in South Africa previously owned by Nissan Motor Company to make a low cost entry in the emerging markets. Acquisition in Mexico is yet another reflection of company's earlier moves to make low cost entry in newer markets.

(Sourced from BL)