Hi Naveen,
Diving right in, you're right.
Custom Events in Lexicon are project-specific, so they can't be shared across different Mixpanel projects, even if those projects are in the same organization.
The reason is that Mixpanel stores data and definitions at the project level. Mixpanel data is stored and isolated within a project. This applies not only to Custom Events but also to events, users, and other project-level data. Since reporting and schema management are scoped to individual projects, a Custom Event definition belongs to the project where it was created.
If you'd like to use the same Custom Event in another project, you'll need to recreate it in that project as well.
Read more about Mixpanel Data Structure here.