https://developer.apple.com/forums/thread/658107
The above mentioned thread provides a solution to a similar issue.
You can export the private key in encrypted PEM format with the flag kSecItemPemArmour and later decrypt it using OpenSSL APIs such as,
EVP_PKEY *PEM_read_bio_PrivateKey(BIO *bp, EVP_PKEY **x, pem_password_cb *cb, void *u);
Share and Enjoy
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https://developer.apple.com/forums/thread/658107
The above mentioned thread provides a solution to this similar issue.
Thanks for the helpful info @murali1.