I found the solution. We need to use the ifconfig command to set the vmnic's IP address as shown below:
ifconfig eth0 192.168.1.102 netmask 255.255.255.0 broadcast 192.168.1.255
Assign eth0 with the above values for IP, netmask and broadcast address.
To enable dhcp on a given vmnic:
dhclient eth0
Renews the IP address.