He was 74 and is survived by two sons, one of whom - Subhash - also played first class cricket for Maharashtra.
Incidentally, Subhash's son and Vasant's grandson Shubham is representing the association in under 19 cricket conducted by BCCI.
"He was briefly ill and was admitted to Ruby Hall Clinic where he died," said former Maharashtra opener and national selection panel member Surendra Bhave.
Ranjane, born in Pune on July 22, 1937, played at a time when pace bowling was given the short shrift by Indian captains and selectors.
As a result he played in only seven Tests between 1958-59, when he made his debut against the all-powerful West Indies side led by Gerry Alexander at Kanpur, and 1964 - when he played his last game against Australia at Chennai.
His club, Maharashtra and India mate Chandu Borde described Ranjane as a very good bowler who should have played more number of times for the country.
"We played for the same club, Vilas CC and Maharashtra. He was a very fine bowler, one of the best pace bowlers the country has produced. His line and length was superb, he was always there on the spot. He used to produce a ball that came in and troubled all the top batsmen. I have seen top batsmen struggling against him," said former India captain and Test batting mainstay Borde.
Borde recalled how the West Indies, who were afraid to face him on jute matting at Green Park in Kanpur, planned to take him out of the equation and succeeded also.