Installing windows application with crystal reports runtime on 64 bit

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I have a windows application created on 32 bit windows xp platform using visual studio 2005 with oracle 10g as database and crystal reports XI as reporting tool. The platform on which the application was created has Oracle 10g 32 bit Client, Crystal Reports Developer XI R2 and Crystal Reports XI Server Client. The application has to be installed on 64 bit Windows 7 machine. The application fails with following error

An error has occured while attempting to load the Crystal Reports runtime. Either the Crystal Reports registry key permissions are insufficient or Crystal Reports runtime is not installed correctly.

Please install the appropriate Crystal Reports redistributable (CRRedist.msi) containing correct version of Crystal Reports runtime (x86, x64, or Itanium) is required. Please go to http://www.businessobjects.com/support for more information.*