After a long try I found out that there is an wzunzip.exe avaliable as portable. I can keep this one along with my batch file and run the following code to unzip a file easily.
for /R "%targetPath%" %%I in (%zipFileName%.zip) do (
wzunzip -ybc "%%I" "%targetPath%\%destinationPath%\" >> %LogFile%
)
This will find the specific file from the set of files and unzip it to the folder specified.
Cheers!!