Indian firms eye NYC

As the dollar weakens and the rupee gains value, Indian companies are on the hunt for properties in New York City. Some, like the giant conglomerate Tata Group, are buying looking for properties they can invest in. Tata bought the Pierre Hotel on Fifth Avenue and 61st Street two years ago and started a $100 million renovation there this year, and is searching for other properties. Other Indian companies are looking to expand in the U.S. and are acquiring some city real estate as they buy smaller firms. And more Indian bank branches could be opening soon. ICICI Bank Ltd. opened a Midtown branch this year, while State Bank of India, the country’s biggest lender, plans to open its second branch.