Hi Anupam 

Look at using the DataPort utility to import the lookup set, using the online help. 

This by default only uses a Tab delimited format unless a custom importer is written.

The easiest way to check how to format the import file is to export a lookup set and select all the relevant fields
From the exported metadata file, you can then review the format and then provide alternate data, e.g. via a csv saved in Tab delimited format ( and also a UTF encoding) 
Then run a DataPort import project supplying the new metadata file and in the configuration map the fields(columns) in the metadata sheet to the lookup set fields.

Hi Anupam 

Look at using the DataPort utility to import the lookup set, using the online help. 

This by default only uses a Tab delimited format unless a custom importer is written.

The easiest way to check how to format the import file is to export a lookup set and select all the relevant fields
From the exported metadata file, you can then review the format and then provide alternate data, e.g. via a csv saved in Tab delimited format ( and also a UTF encoding) 
Then run a DataPort import project supplying the new metadata file and in the configuration map the fields(columns) in the metadata sheet to the lookup set fields.

Thanks for the help. I believe that Dataport utility comes as a separate package and we have to add it to utility package or something. But I will definitely look into it. Thanks for the headstart.