Step 1: Recall the structure and function of grana.
Grana are stacks of thylakoid membranes present in the chloroplast.
They are the site of the light-dependent reactions of photosynthesis.
Step 2: Identify the process occurring in grana.
During the light reaction:
Light energy is absorbed by chlorophyll,
Energy is used to synthesize ATP from ADP and inorganic phosphate (\(P_i\)).
This process is called photophosphorylation.
Step 3: Eliminate incorrect options.
Phosphorylation: General term, not specific to light reactions.
Oxidative phosphorylation: Occurs in mitochondria during respiration.
Photolysis: Splitting of water into \(H^+\), \(O_2\), and electrons.
Hence, the correct answer is
\[
\boxed{\text{Photophosphorylation}}
\]