Dear Rajat,
For tracking equipment at project sites you can try below steps:
1. Create Virtual plant for project site and always create project on that plant.
2. Create non valuated material code for all equipments whose tracking is needed to be done.
3. For moving equipment from plant to project site create stock transfer order on the material code of the equipment.
4. Create delivery from real plant to virtual plant i.e. on project location.Now material stock will be seen in transit.
5. Once the equipment is received at site create GRN against delivery, now stock of equipment will be seen at virtual plant, from there you can transfer the stock to project.
6. From project reports you can get how many equipment is at which project.
7. After completion of the project just do the reversal your stock will get back to your plant.
Hope this helps you for mapping your scenario.
Thanks & Regards,
Shiv.