LOHUM, India’s largest diversified producer of sustainable critical minerals and advanced materials, and Baring Private Equity Partners (India) have announced a partial exit valued at approximately ₹370 crore, with Baring realising more than 20 times its invested capital (MOIC) and delivering an internal rate of return (IRR) exceeding 80%. Despite the transaction, Baring will continue as a significant shareholder in LOHUM through its other investment funds.
Baring first invested in LOHUM in 2020, backing the company’s leadership, technology and long-term vision of building India into a global hub for critical minerals and advanced materials. Five years later, the investment has become one of the highest-multiple exits in Baring’s portfolio.
Existing Investors Increase Stake
A significant portion of the transaction was acquired by LOHUM’s existing investors and their limited partners (LPs), who increased their holdings in the company. According to LOHUM, the move reflects continued investor confidence in its technology, leadership and long-term growth prospects.
The company also highlighted its employee ownership model, stating that it has facilitated more than ₹100 crore in cumulative ESOP liquidity for employees, supporting broader wealth creation alongside shareholder returns.
Expanding Critical Minerals Capabilities
Over the past five years, LOHUM has expanded its capabilities across the refining and recycling of critical minerals, including cobalt, copper, lithium, nickel and platinum group metals, while also manufacturing advanced materials such as rare earth magnets, precious metal catalysts and cathode active materials (CAM).
The company focuses on recovering materials from industrial and energy transition waste alongside sustainable extraction from primary resources, supporting domestic supply chains while reducing import dependence and environmental impact.
Leadership Comments
Rahul Bhasin, Founder and Managing Partner, Baring Private Equity Partners, said the firm invested in LOHUM because of its leadership, differentiated technology and belief that India could become a global leader in critical minerals and advanced materials.
He noted that LOHUM has successfully built capabilities across multiple critical mineral segments, including cobalt, copper, lithium, nickel, cathode active materials, precious metal catalysts and rare earth magnets, while continuing to strengthen India’s position in global supply chains.
Rajat Verma, Founder and CEO of LOHUM, said Baring’s support since 2020 played an important role in helping the company build a homegrown critical minerals ecosystem in India. He added that the transaction reflects value creation for investors, employees and the country’s strategic manufacturing ambitions, while reinforcing confidence as LOHUM continues to expand its sustainable critical minerals and advanced materials business.