Debian wheezy 7.4 preseed install fails with error "mirror does not support the specified release (wheezy)

[Sandeep Raman <sandeep.raman@gmail.com>]

OS - Debian wheezy 7.4 amd64 iso cd1

Preseed section of mirror:

d-i mirror/protocol string ftp

d-i mirror/ftp/hostname string ftp.iitm.ac.in

d-i mirror/ftp/directory string /debian/

d-i mirror/ftp/proxy string 

http://forums.debian.net/viewtopic.php?f=17&t=80657 - Suggestion from the link to have a static ip has been tested and it doesn't solve the problem

https://bugs.debian.org/cgi-bin/bugreport.cgi?bug=684796 - No clear solution

I have given different mirrors and even used http.

From console and browser, i'm able to fetch ftp://ftp.iitm.ac.in/debian/dists/wheezy/Release

Any pointers in solving this.

Thanks,

Sandeep.