Well after several days of trying out things I finally managed to get it to work. What became apparent was that none of the lights on the USB adapter were flashing, so there was an issue with the computer not recognizing the adapter. I went in the windows device manager and indeed the adapter was showing up in the "other devices" category and windows didn't have a driver for it. I searched the internet, fount the right driver (search for CP210 usd to uart driver), downloaded it, extracted it (I made the mistake of not extracting it initially and then it won't work) and finally ran the manual installation of the device as windows didn't want to do it automatically. Once that was done, I unplugged the USB adapter, plugged it back in and magic...the red led turned on. I connected the esc using bheli, switched the com port which says CP210x....and I was finally able to connect to my esc.
Quite proud of myself, not bad for a non-geek...maybe I am turning geek!