The deal would make Rovers the first Indian owned Premier League club. Talks had been ongoing with Ahsan Ali Syed's company Western Gulf Advisory over a takeover in August however the deal failed to materialize.
In a statement on the club’s official website, Rovers’ chairman John Williams said: "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 added: "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."
The value of any potential deal has yet to be disclosed.