It was a trading company that was granted the charter of trading rights in 1600 by Queen Elizabeth I. Its first ship landed on the southern Indian town of Surat, in 1608. It was granted permission to trade in India by the Emperor Jahangir in 1612. It began to earn huge profits and moved its headquarters to Bombay in 1664. Gradually, it began to acquire military power during 18th century. It was abolished in 1858 by the British government.