Firmware update fails on HPE server when Serial Number and Product ID is missing

Recently I was having issues updating HPE ProLiant BL460c G7 with latest SPP (2016.10). Firmware update just stopped on Step 1. Also HPE custom ESXi ISO failed to work.

After some digging around I discovered that server Serial Number and Product ID were missing. I went to BIOS and filled in the correct Serial Number and Product ID and after that the firmware update worked and I was also able to install HPE custom ESXi.

I suspect that the Serial Number and Product ID were lost when this blade server was removed from one Virtual Connect infrastructure and placed to another.