HEAT oven to 325°F. Cook sugar in heavy saucepan over medium heat, stirring frequently, until completely melted and caramel-colored, about 10 minutes. Working quickly, carefully pour into an 8-inch oven-safe ring mold or 6-cup fluted tube pan. Using potholders, tilt mold to completely coat bottom and halfway up sides of mold.

WHISK eggs in large bowl. Whisk in sweetened condensed milk, milk, vanilla and salt. Set prepared ring mold pan in a 13 x 9-inch baking dish. Pour egg mixture into mold over caramelized sugar. Fill larger baking dish with 1 1/2 inches boiling water. Bake 55 to 60 minutes or until custard is set. Carefully remove mold from hot water. Cool on wire rack 1 hour. Cover and chill several hours, preferably overnight.

To serve: INVERT onto rimmed serving plate. Cut into slices. Spoon caramel sauce over flan.