Salesforce is supporting OData 2 protocol using Lightning Connect, However do we have any information or way on how Data inside Salesforce can be exposed as OData ? These records then can be used by another Salesforce Organization or any other platform. I tried to search documentation however was not able to find any solution on how Data can be exposed as OData protocol?
Salesforce doesn't currently expose data as OData. If you want to access Salesforce data using OData you currently need to rely on a third party solution like one offered by rssbus. If you want to access Salesforce data exposed by one Salesforce org to another using Lightning Connect, there is currently a pilot for a Salesforce connector which is intended to eventually GA as part of the Lightning Connect SKU. It uses the standard REST API behind the scenes though, not OData.
AFAIK there is currently no native support for exposing OData from Salesforce. I wouldn't be surprised if this changes in the future though.
Meanwhile, there are several vendors who support exposing SFDC data via OData adapters. I don't know the landscape there very well, but you'd probably want to start with Informatica and CData.