Hi Raj,
ILM (which is part of NW 740) is just a framework which enables application teams to create archiving objects (and of course, it provides various other services). To utilize the different archiving objects provided by various applications, you need to have the respective components. The archiving objects themselves are delivered by different application components. For example, if you have the APPL layer, you will see the various objects delivered in the APPL layer. NW layer alone is not sufficient for your purposes.
I recommend that you go through some basic documentation available in this space to learn more about archiving and the pre-requisites. All the best.
Thanks and Regards,
Santo.