He was 76.
Rana complained of chest pain early morning when he was in the circuit house of the city.
He was rushed to Jiveraj Mehta hospital where he died.
Rana was a textile minister in the A B Vajpayee government.
However, the MP from Surat was sidelined after Narendra Modi became the Chief Minister of Gujarat.
Rana had recently joined Gujarat Parivartan Party, floated by Keshubahi Patel, and was busy in election campaign.
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Keshubhai Patel and GPP leader Gordhan Zadafia rushed to the hospital after hearing the news.
The body of the departed leader will be taken to Surat where his last rites are likely to be performed later in the day.