Creating an instance of the COM component with CLSID

Creating a new OLEDB connection manager in BIDS SSIS project was giving below
error. Right click on Connection Manager and select "New OLE DB Connection" . In
the "Configure
OLE DB Connection Manager" window click on the "New.." button and you will see
below error:

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TITLE: Microsoft Visual Studio
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Creating an instance of the COM component with CLSID
{C8B522D0-5CF3-11CE-ADE5-00AA0044773D} from the IClassFactory failed due to the
following error: 8007007e.

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BUTTONS:

OK
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RESOLUTION
==============
Reinstalled MDAC components by running MDAC.inf file.

1. Go to the C:\Windows\Inf folder
2. Right-click the Mdac.inf file, and then click Install
3. Point to the Windows Installation CD when prompted
This reinstalled the MDAC components and then the to choose the OLE DB connector.