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The latest contract is an addition to the $1 billion contract that TransCanada won from the Comision Federal de Electricidad last week.
The pipeline is expected to be in service in the fourth quarter of 2016, the company said.
The 413 km (260 mile) pipeline will be built in the north-western state of Sinaloa. (Reporting by Krithika Krishnamurthy in Bangalore; Editing by Roshni Menon)