New Delhi, Nov. 20 -- New Delhi: Larsen & Toubro Ltd. expects its defence business revenue to reach $1 billion this fiscal year, riding the government's aggressive localization push. The milestone will cement its position as India's biggest private military equipment supplier and the fourth-largest after three state-owned peers.

"Defence is an important sector for L&T, and we have scaled up operations to the level of $1 billion this financial year," said Arun T Ramchandani, senior vice-president and head of precision engineering and systems at L&T. "In the long run, our goal is to scale up this business further, in order to contribute in a more significant way to the group business."

"We are seeing 95% of our defence revenue coming from...