NEW DELHI: Engineering giant Larsen & Toubro is targeting Rs 1.5 lakh crore of orders from the navy in the next four years, with the company looking at its investments in the submarine and warship building industry paying dividends under the Make in India initiative.L&T, which has played a major role in the Indian nuclear submarine project, said it is a strong contender for several major contracts in the naval sector by 2020, besides a wider opportunity in land systems to be tapped over a longer period."We have a Rs 1.5 lakh crore opportunity within the next four to five years. This is in the naval sector where submarines and ships are to be placed on order by 2020," JD Patil, who heads the company's defence business, told ET.L&T is counting on several major naval projects, including an upcoming contract for building an indigenous range of nuclear attack submarines, besides additional orders for nuclear missile boats and ongoing efforts to order a new class of diesel electric submarines.Besides the naval shipbuilding sector where L&T has a first-mover advantage, having worked closely with the navy since the 1980s on the Arihant nuclear submarine project, the company is looking at bagging a major share of missile orders to be placed by the three services."The opportunity in missile systems, where we already produce and deliver to the armed forces, is also very large. We are looking at a Rs 85,000 crore market," Patil said, adding that the company delivers major components and systems for the Akash surface-to-air missile system, the Brahmos land attack and anti-ship missile as well as upgrades of the Russian BM 21 Grad rocket launchers.L&T is close to bagging a major deal with the army with its K 9 Vajra howitzer being selected for a mobile artillery contract. Price negotiations are on and the estimated Rs 4,500 crore contract is expected to be signed in a few months.The company, which recently refitted one of India's largest warships – the INS Jyoti – at its Kattupalli shipyard located north of Chennai, is set to refit at least two Kilo-class submarines for the navy under a contract with Russia. Under this programme, the first of the four submarines to be refitted for an estimated Rs 5,000 crore will be shipped to Russia in June. The next two or three boats are to be refitted in India at the Kattupalli yard, which has India's largest ship lift.