I tried installing the .NET Framework 4.0 and ASP.NET MVC 2 Framework through the web platform installer.

It took a long time and finally i had a restart in between for .NET 4 installation and after that due to my system hang problems had to do a couple of restarts.

And after that tried installing the ASP.NET MVC 2 alone and it succeeded.

(During this time i had all my VS instances closed).  I am having VS 2008 SP1.

And finally after opening VS 2008 and clicking on new project it said the above error no template info found.

and i dint have even a single template in the new project template selection window.

So these are the steps that i did for recovering the same.

 Start Menu --> Microsoft Visual Studio 2008 --> Visual Studio Tools. Right-click over the Visual Studio Command Prompt shortcut and make sure you select Run as Administrator. Once the VS Command Prompt comes up, execute the command

1. "devenv /installvstemplates"

2. "devenv /resetsettings"

 And that worked out.

No Visual studio template information found. See application log in Event viewer for more detail