Red Hat OpenShift Container Platform installation failed due to 'vsphereprivate_import_ova' template import issue in VSphere IPI

Issue

Observed below error message in the OpenShift install logs.

DEBUG vsphere_tag.tag: Creating...
DEBUG vsphere_tag.tag: Creation complete after 1s [id=urn:vmomi:InventoryServiceTag:b3c09c4d-5a7e-4916-b99b-f28ceaf51910:GLOBAL]
DEBUG vsphereprivate_import_ova.import: Creating...
ERROR Error: failed to create import spec: ServerFaultCode: Permission to perform this operation was denied.
ERROR   on ../../../tmp/openshift-install-pre-bootstrap-117280836/main.tf line 43, in resource "vsphereprivate_import_ova" "import":
ERROR   43: resource "vsphereprivate_import_ova" "import" {
FATAL failed to fetch Cluster: failed to generate asset "Cluster": failed to create cluster: failed to apply Terraform: failed to complete the change