Sony is banking on success in India as it launches the slim Xperia T3 in the country. The Japanese electronics maker, struggling to get into the black in revenue and profit, is hopeful that by pushing the slim smartphone in the Indian market it can gain ground on smartphone competitors, including Apple and Samsung.

The new device will be selling for Rs 27,990 ($500), which is a bit steep.

It is a sleek handset with a 5.3-inch display and will be available in white, black or purple later this month.

"Xperia T3 is a light smartphone designed from premium materials including stainless steel. The industry-leading Sony technology is packed into world's slimmest smartphone," Sony said in a release.

The phone has most of the bells and whistles that users expect in today's fast-changing, hyper-competitive smartphone market. The Xperia T3 has an HD display that uses the Mobile Bravia Engine 2, and is extremely light, weighing in at only 148 grams.

With the troubles other smartphones have had over their camera, this model comes equipped with an 8-megapixel shooter that features Exmor RS for mobile, which should help users take those exquisite photos with ease.

"It also has the Xperia Transfer, an easy, safe and simple app that helps move contacts, photos, bookmarks, apps, music, messages from old Android or iOS device to the new Xperia T3," the company said.

The battle for smartphone supremacy has picked up globally, with a number of countries putting a key focus on India and China, the two largest countries on the planet, with the hope that by getting into those markets in earnest, they will have the opportunity to hit the ground running.

And with Apple launching its new iPhone 6 later this fall, companies, including Sony, are viewing the current moment as ideal to launch new smartphones before the market becomes inundated with the most popular device on the market.

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