The champion swimmer had a humble upbringing in Queensland before she went onto become one of the biggest names in the sport by winning gold medals at the 2008 Beijing Olympics, all in world record time.
Rhiti Sports claimed that Rice plans to set up academies in India and is looking forward to grooming young talent.
"I hope through Rhiti Sports, I'm able to fulfil dreams of those youngsters who want to become world-class swimmers."
She is already involved with launch of her own kids' "RACE" swimwear line back home, besides hosting corporate swimming clinics, health and fitness programs.
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