Hi Siva,
In standard, SAP has given only limited fields which can be updated from Asset to Equipment or vise versa.
Financial Accounting (New) - Asset Accounting - Master Data - Automatic Creation of Equipment Master Records - Assign Master Data Fields of Assets and Equipment
Now, to include your field, then request your abaper to include it in Structures SAAPM1 and SAAPM2 using Customer Exit AAPM0001.
Regards
Terence