I had looked for an answer to this question in many blogs and forums but all of them gave very generic answers. It was only very late that an idea struck me. Why not check the manual? Voila! I got the answer.
Before we start to do anything, make sure that the laptop is turned off. Press the Novo button (the button right next to the AC power adapter jack) and the laptop turns on with a few options out of which BIOS Setup is one.
If you still have not figured out where this button is, here is the link to the manual.