UPDATE 1-Grupo Mexico adds more cash to Asarco offer

(Adds details of offer, rival bids)

MEXICO CITY, June 2 (Reuters) - Copper miner Grupo Mexico said on Tuesday it raised the cash component of its offer for its bankrupt U.S. subsidiary Asarco as it tries to top bids from rival Sterlite Resources and a hedge fund.

Grupo Mexico (GMEXICOB.MX) said it would contribute $1.55 billion to Asarco, lifting the total amount of cash on hand in the Asarco estate available for distribution to its creditors to $2.9 billion.

The Mexican company had previously offered $1.3 billion in cash and a $250 million loan to bring Asarco out of bankruptcy.

India's Sterlite Industries (STRL.BO), an affiliate of London-listed Vedanta Resources Plc (VED.L), has offered $1.7 billion in cash and securities for Asarco.

Hedge fund Harbinger Capital Partners, one of Asarco's largest bondholders, has offered $500 million in cash and the assumption of some of Asarco's liabilities. (Reporting by Robert Campbell; editing by Carol Bishopric)