Thanks jessem for the detailed reply. However my HP BL 465c G7 Emulex model is NC 551i not 554 FLB as in my HP BL 465c G8.
Somehow my HP support engineer working on my case suggest me to perform the following versions based on the HP-VMware recipe PDF February 2015:
firmware version 4.9.416.2
driver version 10.2.293.0
Here's the version that is currently running on the HP BL 465c G8 using 554FLB:
~ # ethtool -i vmnic0
driver: be2net
version: 10.2.293.0
firmware-version: 10.2.340.19
bus-info: 0000:04:00.0
Cheers,