"Both parties are hopeful that the transaction will be completed in November." Rovers chairman John Williams said in a statement on the club's website on Tuesday.
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"A series of meetings, including discussions with the Premier League, have followed an extensive due diligence process."
Venkys' chief 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."
"It's a 46 million (pound) deal. We have to pump in some more money but I don't want to get into the details now," Rao told CNBC-TV18 channel on Tuesday.
"We are not here to compete with anybody. It's one of the very prestigious, very old clubs and it's well-run... we are very positive. Let us start a new chapter."
The V.H Group, of which Venkateshwara Hatcheries P Ltd is the flagship company, specialises in poultry farming and claims to be the "largest fully integrated poultry group in Asia".
"The club has been up for sale for some time and new investment would be most welcome," Allardyce said on Friday.
"It would seem that things are progressing and maybe we are getting closer to a decision."
A WGA spokesperson told Reuters in an email on Tuesday they were still interested in purchasing the club but "did not wish to comment on the current developments".
