Hi Koti,
I've never worked with ODATA protocol, as far as i know you have the possibility of purchase the advantco adapter for restful services (REST adapter for Netweaver SAP PI) or to try to use the SOAP (AXIS) adapter protocol (Integrating REST Services on PI), but not too much documentation you can find about this.
You will have always the possibility to try to check Do not use SOAP envelope and to deal with the message like http and make the treatment inside PI with java mapping. Also, there is another tool in SAP denominated SAP Netweaver Gateway nearest to your goal.
Regards.
