So in Bitcoin we have multisignature transaction. Does Ethereum also have the same? or it has some other type of process for doing the similar tasks that can be done by Bitcoin's Multisignature Transaction.
Ethereum is based on accounts (which can be a public key hash or a smart contract). In Ethereum every transaction has one source address and one destination address.
Bitcoin is based on unspent transaction outputs (UTXO's). In Bitcoin every transaction has one or more source UTXO's and one or more destination scripts. These scripts are Bitcoin's 'smart contracts', although they are much more limited than Ethereum's contracts.
If you want to emulate Bitcoin's ability to pay to a script, you deploy a contract and send the funds to that contract. That contract should contain logic that implements the multi-sig requirement.
In Ethereum, the process of multi-signature can be implemented programmatically.
See Gnosis MultiSigWallet Contract for example.