In a statement, the club's board confirmed the sale of the Jack Walker Trust's 99.9 per cent shareholding in the club to the company owned by Rao family of India.
Venky's paid £23million for the shares, according to the statement, and it is also thought they will pay about £15m to clear debts.
Happy days: Blackburn players find themselves with new owners
'We are very pleased to be passing on the Rovers to the Rao family,' said Paul Egerton-Vernon, chairman of the Jack Walker Settlement Trustees.
'We have been impressed with their enthusiasm for the club and their plans and ideas for future investment to develop it further as well as their wish and commitment to preserve the legacy of Jack Walker.'
Venky's - short for Venkateshwara Hatcheries Group - have so far spoken of setting only modest targets for the club.
THE VENKY'S LOWDOWNVenky'swas established in 1976. It specialises in poultry farming and pharmaceuticals. The corporation is part of the VH Group, which has business interests including poultry, processed food, animal vaccines and healthcare products.The group is run by 47-year-old Anuradha Desai, who took over from her father Banda Vasudev Rao. Rao's first job was that of a poultry attendant. He founded his first poultry farm with 500 birds.Venky's India Limited joined the Indian Stock Exchange in 1986 and were the first listed poultry company in the country.In 1994 the VH Group was formally launched by merging 25 companies into four.Venky's is based in Pune, India's eighth largest city. Butmanager Allardyce (above) is convinced the deal will be positive for Rovers, who have been run by the Jack Walker Trust since the death of their former benefactor a decade ago.
'It would be very disappointing if it wasn't somebody that wanted to take over the club and try to improve it as quickly as possible,' said Allardyce.
'The best way to improve a football club in the early stages is the first-team results. We all know we have been short of a bit of investment in the last few years.
'Sincethe trust has tried to sell the club they haven't been willing to fund the sort of transfers needed to keep the club improving.
'That's put it in danger of maybe being in the throes of selling your best players and threatened with relegation.'
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