CHENNAI The board of auto component manufacturer Rane (Madras) Ltd., has approved investments of up to $20 million in its step-down subsidiary Rane Precision Die Casting Inc., USA (RPDC) over the next five years. The investment will be made through Rane (Madras) International Holdings B V, The Netherlands, a wholly owned subsidiary of Rane Madras, said the company in a regulatory filing. Precision die casting is in the business of manufacturing high pressure aluminium die casting for automotive applications such as steering and compressor related die casting components.