Thanks a lot for suggestions and answers.
We can do it. These are the steps we need to follow.
1) Just we have to create new app id for the iPhone application with watch extension.
In case we are doing it manually.
2)we need to create two more app ids one for watchapp and other for watchkitextension as a target.
for eg. the app id is com.appname
The appid for the watch extension would be com.appname.watchkitextension
The app id for the watch app would be com.appname.watchkitapp
Both will be considered different app ids.
3) We need enable the all the three app ids with same App Group
4) keep deployment target of the watchextension and watchkitapp target as 8.2. And for iPhone companion app we can keep it 8.0
4) Generate the app store distribution provisioning provisioning profiles (can keep same distribution certificate) in case want to upload to the iTunes stores for beta testing or app review.
and We are done. This will successfully archieve the app bundle.
Another way. : Just don't do it manually and let Xcode handle it
Note : While developing app. When we add new target as watchkit. The new Xcode generates the app id for watch kit app and extension.
Just we can use it by refreshing provisioning profile from Xcode -> Preferences -> Accounts. Select Account and refresh. (Note : We need to configure the developer account with Xcode for that).
It will download and install the provisioning profile with Xcode.
And we can directly archieve the app bundle for app store submission by selecting the right provisioning profile