Preheat oven to 350 degrees F. Place beets in center of 18-inch square of heavy foil. Drizzle with 1 tablespoon olive oil. Fold together opposite edges of foil in double folds, allowing room for steam to build. Roast 1 hour or 15 minutes or until tender. Cool 30 minutes. Carefully open packet. Remove beets; gently transfer liquid to measuring cup; add water to equal 1/2 cup. Pour liquid in medium saucepan. Cut beets in wedges.

In 3-quart saucepan cook onion in remaining oil over medium heat until tender; add rice. Cook and stir 5 minutes. Stir in dried basil, if using.

Meanwhile, add broth to beet liquid in saucepan. Bring to boiling. Reduce heat and simmer. Carefully stir 1 cup of hot broth into rice mixture. Cook, stirring frequently, over medium heat until liquid is absorbed. Then add 1/2 cup broth at a time, stirring frequently until broth is absorbed before adding more broth (about 22 minutes).

Stir in any remaining broth. Cook and stir just until rice is tender and creamy.

Add beets; heat through. Remove rice from heat; stir in half of cheese, snipped basil (if using), and salt and pepper to taste. Sprinkle remaining cheese and basil leaves. Makes 8 (3/4-cup) side-dish servings.