Panasonic Corp.'s Indian subsidiary will invest 1.5 billion rupees ($23.4 million) in its mobility division in the current fiscal year ending next March to step up efforts to improve its smartphone business in Asia's third-largest economy, according to senior company officials.

Panasonic India Pvt. Ltd. has planned a major marketing campaign across print, television, radio and social media to boost brand recognition in a market dominated by Chinese and South Korean competitors.

"India happens to be an important market for our mobile phone business as we look to expand this business in other different geographies in future," said Manish Sharma, president of Panasonic India.