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The verb "releasing" is incorrect in this context. The correct phrase should be "theatrical release" as "release" is a noun here, referring to the act of making the film available for public viewing. The corrected sentence would be: "After its London Film Festival outing and theatrical release in the UK, the filmmaker is excited about plans in the works for the film to be released in India." So, the answer is 2) theatrical releasing in the UK.
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