Catalyzes the coenzyme F420-dependent oxidation of hydroxymycolic acids (H-MAs) to ketomycolic acids (K-MAs), a lipid class making up the mycobacterial pseudo-outer membrane and over one-third of the dry weight of M.tuberculosis (PubMed:24349169). Does not exhibit F420-dependent glucose-6-phosphate dehydrogenase (FGD) activity (PubMed:23110042). Is inhibited by the anti-tuberculous drug PA-824, a bicyclic 4-nitroimidazole class compound (PubMed:24349169). Therefore, this is consistent with the finding that PA-824 inhibits the formation of K-MAs and causes an accumulation of hydroxymycolic acids (H-MAs) in M.tuberculosis (PubMed:10879539). Lipid metabolism; mycolic acid biosynthesis. Homodimer. The Rv0132c-F420 complex is translocated via the Tat pathway across the cytoplasmic membrane, where Rv0132c is anchored to the cell envelope. Is exported by the Tat system. The position of the signal peptide cleavage has not been experimentally proven. May be lipidated. Belongs to the F420-dependent hydroxymycolic acid dehydrogenase family.