Read Excel file using in IIS hosted application

I have an Asp .net MVC application and I am using Microsoft.Office.Interop.Excel to read an Excel file.

It is working fine when run from Visual Studio but when hosted on a Local IIS instance the following error is thrown:

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)).