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Take a thick-bottomed pan. Add one litre of full-fat milk to it and keep cooking the milk at a low flame.
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While the milk is boiling, roughly chop the cashews and almonds into small pieces. Keep stirring the milk occasionally so that it does not stick to the bottom of the pan.
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When is milk is reduced to half, pour in a cup of milkmaid/ condensed milk. You can also choose to add 1 ½ cup sugar instead of condensed milk. Mix well and keep cooking at low temperatures.
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Add in the chopped almonds, cashews, a few strands of saffron, and a teaspoon of cardamom powder.
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Continue to cook and boil the milk at low temperature for another 5-10 minutes.
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Basundi is ready to serve. You can serve it in a serving bowl, chill it and relish it.