I was trying to update the existing pods with the pod install command, but it takes forever to run.
The verbose mode shows it was stuck at the following
Found an alternative way to download cocoapods is to download one of the snapshots available here. It is a bit old but the .bz2 compressed file was much faster to download. Once I had downloaded it, I copied it over to ~/.cocoapods/repos/ and then I unzipped it using bzip2 -dk *.bz2.
The unzipping took a while and once it was over, I changed the extension of the newly uncompressed file to .tar and did tar xvf *.tar to unzip that. This will show the list of files being created and will also take a while.
Finally when I ran pod repo list while inside the project folder, it showed the master folder had been added as a repo. Because I still kept getting an error that it was unable to find the specification for the pod I was looking for, I went to the master folder and did git fetch and then git merge. The git fetch took the longest, about an hour at 50 KB/s. I used fetch and merge instead of pull, as I was having issues with it, i.e. fatal: the remote end hung up unexpectedly. It is now up to date and I was able to get the pod I wanted.