I am planning an application to be developed using PlayFramework and AngularJS. Since this application will have mobile interfaces I will be creating two different play applications.
The RESTful API will contain all business logic and will function as the services layer and Web client will be accessing the API. Also, having business logic in a separate API will allow my application services to be exposed to third parties to consume the services and integrate the application services into their applications.
Please give me your expert thoughts on this configuration.
Is there any other alternatives or better ways of doing it?
That's a perfectly valid approach - keeping things isolated. You just have to deal with the overhead of 2 applications. Converting that into a modular application (with sub-modules; play 2.1 has some nicer things on this) would also be a good idea.
Of course you can always stay with just one application and provide everything from there and still keep your logic separated (eg: different controllers/routes to handle different content).