Yes Manish,
You can use Account segmentation in Indian Localization Company database. Follow the steps:
1) Create a company for Indian Localisation with user Defined COA.
2) Enable the Segmentation Accounts from Basic Initialization Tab of Company Details.
3) Define your Segments (like companies multiple business, branches etc)
4) While creating COA, you will notice multiple boxes in G/L A/C Codes.
Hope it will help you.
With Regards
Ocean