Kioxia Holdings has approached Japan Investment Corp. about making a capital infusion to support its merger with Western Digital and strengthen the combined company’s financial base, according to people familiar with the matter.

Kioxia’s lenders are working toward submitting a commitment letter as soon as possible to help facilitate the agreement, the people said, asking not to be identified because the negotiations are private. The banks have signaled the new company’s capital is inadequate and called for additional investment to bolster its balance sheet. JIC, a state-backed investment fund established to boost Japan’s competitiveness in next-generation industries, is considering the request.

The two companies are seeking to wrap up negotiations this month and want to announce a deal no later than when California-based Western Digital reports earnings on Oct. 30, said the people. They are facing opposition however from South Korea’s SK Hynix, a competitor in the memory chip business that became an indirect shareholder in Kioxia when a Bain Capital-led consortium bought a controlling stake from Toshiba.