Is it possible for the British East India Company to become so powerful that it can revolt against Great Britain and form it's own independent Empire in India and East Asia?
It has ships, it has sepoys for an army, it has wealth, and I'm sure you could get one or two power hungry people leading the company who dream of being the leader of their own nation. Anyone who has loyalty to Great Britain in the company can be bribed or replaced. After getting independence, they could set up free trade agreements with European countries that don't have colonies (German states, Russia, Scandinavia, etc).
I'm not that familiar with the history of the company (and maybe I've been watching too much Pirates of the Caribbean), but it seems to me that it could be possible.