With the defeat of the Nawab of Bengal at the Battle of Buxar in 1764, the East India Company gained the right to collect taxes from the principality of Bengal. The city formally passed to the control of the EIC in 1793 and Dhaka became connected to the mercantile networks of the British Empire. With the dawn of the Industrial Revolution in Britain, Dhaka became a leading center of the jute trade, as Bengal accounted for the largest share of the world's jute production.