Thanks Eric.
Actually the issue was the reserved memory for the GPU was more than the memory size. I reduced the size and I was able to boot just fine.
After the boot I noticed that there is still 16900k reserved, as follows:
Memory: 120MB = 120MB total
Memory: 114172k/114172k available, 16900k reserved, 0K highmem
Virtual kernel memory layout:
vector : 0xffff0000 - 0xffff1000 ( 4 kB)
fixmap : 0xfff00000 - 0xfffe0000 ( 896 kB)
...
May I know what other configurations to adjust the kernel reserved memory?