Mallya's comments came when his reaction was sought on recently reported Ecclestone's remarks that he has a crap product to sell.
Ecclestone was apparently referring to current hybrid turbo engines, introduced in 2014 season when much-loved V8 engine was replaced by V6.
He had said, "As you may or may not know I used to be a used-car dealer. I was good at my job and I'm still reasonably good at running things, but you [the engineers] have given me a shitty product to sell."
Asked about the proposals made by the Strategy Group for improving the state of Formula One, Mallya said he was all for a situation where smallers teams are not worried about their sustenance and give a good fight to big teams.
"The most important thing for us is to sustain all the teams in F1. If that is addressed, as it should be, even the small teams can be very competitive. If Williams beat Ferrari, the racing will be really exciting. If a Sauber can beat a Williams, it will be even more exciting.
"There are many ways to skin this cat. The prize at the end is sustainability. That will lead to more exciting competition.
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