Hi Anupam,
Inter-as VPN can provisioned either via MP-eBGP between ASBR routers or MP-eBGP between RR/PE routers.
There are 3 flavour of Inter-AS VPN
1. Option-A -- Back to back VRF
2. Option-B -- MP-eBGP between ASBR routers
3. Option-C -- MP-eBGP between RR/PE routers and ipv4 eBGP + label between ASBR routers.
You are trying to implement Option-B that is possible. For Option-B also you have two sub-options
a. redistribute link connecting ABSR into IGP.
b. Next-hop self on ASBR router while advertising over ibgp session
Please go through below doc for that
http://www.cisco.com/en/US/tech/tk436/tk428/technologies_configuration_example09186a0080094472.shtml
http://www.cisco.com/en/US/docs/ios/mpls/configuration/guide/mp_vpn_connect_asbr.html
Details about Inter-AS VPN configuration you can get in below book very well
MPLS Configuration on Cisco IOS Software, by Lancy Lobo, - CCIE No. 4690, Umesh Lakshma
http://www.amazon.com/Configuration-Software-paperback-Networking-Technology/dp/1587142503