when u create the set up using package and deployment wizard , it will automaticall include all the .dll ,.ocx and other required files with the set up. All these files will be installed in the target system at the time of installation. So it is not necessary to install Excel in that system. your application will work fine.
But the only problem is u will not get an Excel file to work on.
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Posting Genius
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since Feb 2007