Access Denied Exception - New Excel.Application

I was having trouble in getting Excel Application object:
objExcel = New Excel.Application

It was giving exception :

Access is denied.

Description: An unhandled exception occurred during the execution of the current web request. Please review the stack trace for more information about the error and where it originated in the code.

Exception Details: System.UnauthorizedAccessException: Access is denied.

ASP.NET is not authorized to access the requested resource. Consider granting access rights to the resource to the ASP.NET request identity. ASP.NET has a base process identity (typically {MACHINE}\ASPNET on IIS 5 or Network Service on IIS 6) that is used if the application is not impersonating. If the application is impersonating via , the identity will be the anonymous user (typically IUSR_MACHINENAME) or the authenticated request user.

To grant ASP.NET write access to a file, right-click the file in Explorer, choose "Properties" and select the Security tab. Click "Add" to add the appropriate user or group. Highlight the ASP.NET account, and check the boxes for the desired access.

I solved problem going through following steps:

1. Run "dcomcnfg"
2. Go Component Services -> DCOM Config -> Microsoft Excel Application
3. Right Click on it and open Properties dialog.
4. Go to security and give appropriate launch permission to \ASPNET user.