The remake of his classic 1975 release Sholay was rejected by critics and audiences when it released in 2007.
Bachchan told The Times of India: "Sholay's remake was a mistake. I should not have acted in the remake of my own film."
Filmmaker Varma is reported to have apologised to the actor after the film was poorly received at the box office.
The film, considered to be a benchmark of bad Indian cinema, has been parodied in a number of subsequent releases.
The DVD of the film is used as a weapon of torture against Rimi Sen's character in De Taali
Bachchan is currently appearing in the action drama BBuddah Hoga Tera Baap.
> Read our interview with Amitabh Bachchan here