Network interface eth0 was not coming up at boot time irrespective of being configured properly. Chkconfig was also properly configured for network services for run levels 2 3 4 5.
Issue is that... By default i could see ONBOOT flag set to no "ONBOOT=no" in the configuration script /etc/sysconfig/network-scripts/ifcfg-eth0
Modifying it to ONBOOT=yes did the trick.
etho network interface came up properly in next boot cycle.