Resolution:
Following are the java options that need to be set in the app server profile in order to connect to the cache server using JConsole.

-Dcom.sun.management.jmxremote
-Dtangosol.coherence.management=all
-Dtangosol.coherence.management.remote=true
-Dtangosol.coherence.cacheconfig=%MQ_HOME%/config/coherence-client-cache-config.xml
-Dtangosol.coherence.override=%MQ_HOME%/config/tangosol-coherence-override.xml
-Dtangosol.coherence.log=%MQ_HOME%/log/tangosol.log
-Dtangosol.coherence.ttl=0
-Dcom.sun.management.jmxremote.authenticate=false
-Dcom.sun.management.jmxremote.ssl=false
-Dcom.sun.management.jmxremote.port=8888

The last three properties need to be set in order to connect to the cache servers remotely. The application server needs to be restarted after changing the java options. Once the CIM server and the cache servers are started, start JConsole and go to the "Remote" tab, provide host name of the machine on which the app server is running and the port provided in the property -Dcom.sun.management.jmxremote.port in the app server profile.

How to connect to remote cache servers using JConsole?