Permission was granted, and on 10 April 1591 three ships sailed from Torbay around the Cape of Good Hope to the Arabian Sea. The East India Company or the British East India Company and informally as John Company was an English and later British joint-stock company, which was formed to pursue trade with the East Indies but ended up trading mainly with the Indian subcontinent and Qing China.Īfter the defeat of the Spanish Armada in 1588, London merchants presented a petition to Queen Elizabeth I for permission to sail to the Indian Ocean. The British East India Company was the first joint-stock corporation to be formed in England, and it eventually became one of the most powerful trading companies in the world, with a virtual monopoly on trade in India and the East Indies.
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