Hi Ullas,
You could take as reference Chapter 4 “Yocto Project Setup” and Chapter 5 “Image Build” of the “i.MX Yocto Project User's Guide” document for building a minimal image to boot the i.MX and then mounting a different Root File System.
Additionally, you could take a look at the following Community document, which implements something similar to your request (building to a different board):
https://community.nxp.com/docs/DOC-332807
Hope this will be useful for you.
Best regards!
/Carlos
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