UK-based SRAM & MRAM Group is in an advanced stage of discussion with semiconductor makers SK Hynix and GlobalFoundries to collaborate for its proposed Rs 30,000 crore chip manufacturing plant and a testing facility in India, a top company official said.

SRAM & MRAM group chairman Sailesh Lachu Hiranandani said his group will hold a majority stake in the joint venture and the application to seek the Centre’s approval for the project will be submitted within a week.

“We are only the investing partner. We are already in negotiations with SK Hynix from Korea. They are going to be our partner in India. Technical partner has to have all the IPs (Intellectual Properties). Our role is very much defined,” Hiranandani said.

SK Hynix is among the top three global memory or storage semiconductor companies.

SRAM & MRAM Group has proposed to set up a semiconductor manufacturing plant and a testing unit in Odisha.