I need a freeware control which would provide the functionality of the Excel component.
Any suggestions?

You can use this freeware VisualPaseo:
URL : http://www.paseosoft.com/produits/visualpaseo_tele1.php

It's a development freeware that includes 33 .net components (such as File Management, SQL Request Import Export, Telnet emulator, Executable command, POP SMTP, FTP transfer, Date control, Timer and Period control, Variable calculation, Word, Excel...), and you can control it through visual studio !