It has been quite sometime since I played around with Redhat Linux. Because Oracle has the same replica and I love Oracle for so many reasons, I stick to Oracle Linux especially at my home setup. But yesterday was a different day.
An early frustration sat in when I was unable to access internet inside the VM. The problem was circular. Internet required installation of guest additions, guest additions required access to some yum repository and my choice of yum repository i.e. Oracle's public yum required Internet. A friend told me that I should configure local yum repository using the installation media.
So, I did and here are the steps if you want to do the same as well.
Please note that the steps are basic and all I am doing is to configure Packages directory of my ISO image as yum repository. You can create multiple yum repositories and define different categories and all that complicated stuff.