To solve this problem, we need to identify which variety of rice was patented by a foreign company despite being present in India for a long time.$\newline$Let's analyze the options:$\newline \bullet$Lerma Rojo: This is not a variety of rice traditionally associated with India.$\newline \bullet$Sharbati Sonora: This is a wheat variety, not rice.$\newline \bullet$Co-667: This is a sugarcane variety, not rice.$\newline \bullet$Basmati: This is a well-known variety of aromatic rice traditionally grown in India and Pakistan. It has been subject to patent controversies in the past.$\newline$The question refers to a rice variety that has been present in India for a long time and was patented by a foreign company.$\newline$Basmati rice fits this description as it has been involved in international patent disputes.$\newline$Therefore, the correct option is Option 4: Basmati.