Hi Deepak,
As far as I know, I am not aware of any standard function that can help reaching directly your aim.
However, there are a couple of BAPI's that can be used in a custom program, and with them I do believe it should be possible to satisfy your request.
They are:
BAPI_UI_GETDETAIL
that loads detail information for Interface Design
BAPI_UI_SAVEM
that creates (or changes) Interface Design
(please also have a look at CUDUI function group for other).
Basically, the custom program should first read the existing ID details with the first BAPI, make the needed changes (ID name and whatever) and finally create the new ID with the second BAPI.
Alternatively, there could also be the possibility to create an IDoc from the existing ID, make the needed changes (ID name, etc), and import it afterwards.
I do hope this could be of some help.
Thanks and regards,
Flavio