Thanks for all your reply.

I know about the sharing drive on the new server , however the whole point for asking is is there any other way of changing the backup location ?

Why I came across this issue is the drive mentioned in RMAN backup is already used for one of the application and cannot be unmapped.
So what could be another alternative ?

In Oracle 9i RMAN doesn't seem to have option of changing backup location while restoring. E.g like SQL Server lets you restore database regardless of backup location.

Thanks,
Vasant