In a pan mix all the ingredients together.

Heat it and bring it to boil.

Keep stirring until the mixture reduces. WIt should coat the spatula and when you drag a finger, it should create a clean line on the spatula.

Transfer it immediately into a storage jar, cover with cling film so that the film touches the top surface of the mixture.

Allow it to cool completely.

Remove the cling film and refrigerate.

Use it in any recipe that calls for condensed milk.