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I just had to download and install this update, and the error went away. The fix after a long research was found here. assembly interface: IAssembl圜acheItem, function: Commit, assembly name: ,version=”7.4053″,publicKeyToken=”1fc8b3b9a1e18e3b”,processorArchitecture=”amd64″,type=”win32″

An error occurred during the installation of assembly component. I was trying to install Redistributable package for one of the software systems I am working on on my Windows 8 64 bit machine.
