Lettuce business in Indian Ocean islands (5)

I believe the answer is:

cocos

'indian ocean islands' is the definition.
(I've seen this in another clue)

'lettuce business in' is the wordplay.
'lettuce' becomes 'cos' (cos lettuce is a kind of lettuce).
'business' becomes 'co' (short for company).
'in' means one lot of letters goes inside another.
'cos' going around 'co' is 'COCOS'.

I've seen this clue in the Sydney Morning Herald.

Want a hint initially instead of a full solution? Install my app