MUMBAI, July 31: The steel major, Tata Iron and Steel Company (Tisco), has recorded an 11 per cent increase in sales turnover during the first quarter (April-June) of 1997-98.While the company's sales volume increased by 10 per cent, exports went up by 3 per cent, according to Tisco chairman Ratan N Tata.Speaking at its 90th annual general meeting here today, Tata said that political uncertainties in Bihar would affect the company's performance in 1997-98, though it had recorded a better growth in sales in the first quarter. The Tisco chairman added that TISCO would consider relocating the proposed 1.2 million cold rolling mill project from Gopalpur, Orissa, to Jamshedpur in Bihar, where its integrated steel unit is located.The flow of raw materials and finished products from the Jamshedpur plant would be affected due to political upheavals in Bihar. ``One factor that will have a bearing on Tisco in 1997-98 is political uncertainties in Bihar and Delhi. Delhi is now stable, but it has already deterred foreign investments,'' he said.Tata has also indicated that the Tata group would like to increase its stake in Tisco from the current level 15% in future as it has done in some other group companies. ``There is no move to change Telco's name to Tata Motors,'' he said.On the progress of the Gopalpur steel plant project, Tata told that land for putting up port and other infrastructure facilities was yet to be acquired and if there is an inordinate delay, the first phase of the project would be relocated to Jamshedpur.
