Katrina Kaif's sister Isabelle Kaif was at the Indian International Film Festival, LA last week. In her interview there, she mentioned that she is producing a movie back in New York. I dont think its a Bollywood movie. She does not mention it.
When asked if she plans to go to Bollywood, she said "Hopefully. I have just finished a course back in New York and I want to finish a few things here. good willing, it will work out".
Check the interview which starts at 1:12. She comes across as a very sweet and level headed girl.