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The Hungarian GP win was Red Bull's 12th straight.
The championship leader beat McLaren's Lando Norris to the first place in Silverstone.
It was the Dutch driver's seventh win of a dominant campaign accelerating him ever closer to a third Formula One crown.
Mallya, who remains in Britain despite Indian efforts to extradite him following the collapse of his defunct Kingfisher Airlines, said he was 'totally devastated at the loss of my best buddy of 45 years'.
The Dutch 25-year-old led every lap as he took his career tally to 41 wins, stepping up alongside Brazil's late triple champion Ayrton Senna in the record books.
Lewis Hamilton finished second while George Russell also made the podium in Barcelona.
The Indian promoters of the premier two-wheel racing competition, Fairstreet Sports, will start the tickets sales soon for the event to held at the Buddh International Circuit in Greater Noida from September 22-24.
The win was Verstappen's fourth of the season, second in Monaco and 39th of his career.
The Imola circuit would have hosted the Emilia Romagna Grand Prix this weekend but the race was cancelled due to the devastation.
Max Verstappen beats Sergio Perez to win his 3rd race of the season.