Hello Bhaskar,
Please find a solution for similar issue in below sdn link :
http://scn.sap.com/thread/1662569
It says below:
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You need to create tnsnames.ora file even on the host where MDM is installed and define Oracle database host and instance there. Then, MDM user needs to have access to oracle client libraries and needs to have access to this tnsnames.ora file as well. Once you set this up, it will work fine.
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Please let us know if it helps!
Regards,
Deepa.