Can I use dependencies = module name in the theme.info file? I want to create a drupal theme where I using some dependencies module, if I able to mention the dependencies in theme info it will easy to install the theme.
Nope, themes do not have such a directive in their info files.
Themes are supposed to be module independent. The "designed" way to do it is to move all module-dependent code to a custom module, and in relevant parts of your theme simply test for existence of data your custom module was supposed to provide.