Hi dilipsharm,
Check this example. Now please take its reference and correct your code.
Add the reference of System.Speech dll in your project.
There are multiple options such as saving to an existing stream.
If you want to create a new WAV file, you can use the SetOutputToWaveFile method.
Code
C#
System.Speech.Synthesis.SpeechSynthesizer sp = new System.Speech.Synthesis.SpeechSynthesizer();
sp.SpeakAsync("Welcome to ASPSnippets.");
sp.SetOutputToWaveFile(Server.MapPath("Test.wav"));
VB.Net
Dim sp As System.Speech.Synthesis.SpeechSynthesizer = New System.Speech.Synthesis.SpeechSynthesizer()
sp.SpeakAsync("Welcome to ASPSnippets.")
sp.SetOutputToWaveFile(Server.MapPath("Test.wav"))
Refer below link for more details.
https://stackoverflow.com/questions/16021302/c-sharp-save-text-to-speech-to-mp3-file