Hello Siddarth,
as explained by Konstantin, you need to configure PRODUCT_TYPE field control (SC item level) to be visible only (default value is "Material"):
SAP Implementation Guide > SAP Supplier Relationship Management > SRM Server > Cross-Application Basic Settings > Extensions and Field Control (Personalization) > Configure Field Control > Configure Control for Fields on Item Level
This is customizing. But, as you need to do so only for one company code, you need to add dynamic customer class and method based on /SAPSRM/CL_PDO_DYN_MDF_IT_SC class (PRODUCT_TYPE method).
Regards.
Laurent.