How did the east india company come into power?

HOW DID THE EAST INDIA COMPANY COME INTO POWER??How did the east india company come into power?
The East India Company traded mainly in cotton, silk, indigo dye, saltpetre, tea, and opium. The Company also came to rule large areas of India, exercising military power and assuming administrative functions, to the exclusion, gradually, of its commercial pursuits; it effectively functioned as a megacorporation

The Company long held a privileged position in relation to the British Government. As a result, it was frequently granted special rights and privileges, including trade monopolies and exemptions.