I got response from ionic team regarding this issue. You can follow below steps to solve your problem.
Hi Sanjog,
We recently made an upgrade on our Package server to use the most recent version of the Android SDK. This will require users to upgrade to the latest version of the Cordova Android platform. Could you try upgrading your version of cordova-android and run the build again? To upgrade the platform, run this command:
cordova platform update android@6.2.3 --save
Let us know if this helps – thanks!