Error: Retrieving the COM class factory for component with CLSID {00024500-0000-0000-C000-000000000046} failed due to the following error: 80070005 Access is denied. (Exception from HRESULT: 0x80070005 (E_ACCESSDENIED)).

While working with Excel Interop Assembly for reading an excel file, I come up with error "Error: Retrieving the COM class factory for component with CLSID {00024500-0000-0000-C000-000000000046} failed due to the following error: 80070005 Access is denied. (Exception from HRESULT: 0x80070005 (E_ACCESSDENIED))". Found below error resolution for the error and performing steps in below links resolve my problem.

(1) System.UnauthorizedAccessException: Retrieving the COM class factory for Word Interop fails with error 80070005

(2) Access Denied. (Exception from HRESULT: 0x80070005 (E_ACCESSDENIED)) - Powered by Kayako Help Desk Software

Performing steps provided in above links resolve my problem. 

Step to reproduce this error: While reading an excel file using Interop assembly, on below line of code

Microsoft.Office.Interop.Excel.Application excelApp = new Microsoft.Office.Interop.Excel.Application();

It throws above error right from this line of code.