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The 45-year-old composer first won the award for his music in Boyle`s Mumbai-based potboiler `Slumdog Millionaire`
Rahman is facing competition from Danny Elfman from (Alice in Wonderland), John Powell (How to Train Your Dragon), Hans Zimmer (Inception) and Alexandre Desplat (The King`s Speech).
Rahman, the only Indian to score two Oscars, is in the Academy shortlist again in the Best Song category for `If I Rise`, his collaboration with British singer Dido.
His music in `127 Hours`, starring James Franco as real-life mountain climber Aron Ralston, who cut off his arm to escape from beneath a boulder after being trapped for more than five days, had received good reviews for it`s "haunting tracks" and "wonderful crescendos."
The musician, known as the `Mozart of Madras` had collected a Golden Globe and two Grammys for his music in the `Slumdog Millionaire` in 2009.
His song `Na Na` from his Hollywood debut venture Couple`s Retreat, was longlisted in the `Best Original Song` category at the 2010 Oscars but failed to win a nomination.
Royal drama `The King`s Speech` leads the British Academy of Film and Television Arts (BAFTA) awards with 14 nominations in total, including best film and best director followed by `Black Swan` with 12 nominations, including best actress for Natalie Portman.
The Awards, honouring the excellence in films, television, and Internet and multimedia technologies, will take place on Sunday 13 February.
