Hi Akshay,
You can refer below discussions which will guide you,
How to get collective requirement and genrate P... | SCN
Combining multiple planned orders into single p... | SCN
One purchase requisition per day in MRP
Also I have mistakenly said about OPL8 settings which is actually for different purpose. If you read below F1 help for that settings then it say's about the externally processed operation and non stock components.
Indicator: One collective purchase requisition per order
Indicator showing that for every externally processed operation or non-stock component in the order a purchase_requisition>purchase requisition is to be created.
Dependencies
If you do not set this indicator then a seperate purchase requisition is created for every externally processed operation or non-stock component.
Hence rather than this setting, You try with the material master settings which is standard one and were explained already as above.
Regards,
Naresh