Detailed negotiations have been taking place regarding a deal which would see Venkys become the first Indian company to own a Premier League club.
Rovers chairman John Williams provided an update on the progress being made and believes the takeover is close to completion.
Williams told the club's official website: "A series of meetings, including discussions with the Premier League, have followed an extensive due diligence process.
"Both parties are hopeful that the transaction will be completed in November."
Venkys' chairperson, Anuradha J. Desai, said: "We expect to be the first Indian company to acquire a Premier League team and we are particularly delighted that the team is Blackburn Rovers, with whom we believe we have many shared values and ambitions."
Meanwhile, Rovers boss Sam Allardyce has reiterated his hope that a takeover is on the horizon as he believes the club are in need of fresh investment.
Allardyce said: "The sooner the club changes hands the better.
"New investment is needed and we have not had it for a long time. Without it a business will crumble and fall."
Blackburn are currently outside the Premier League relegation zone on goal difference and have won just once since the opening day of the season.
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