We report here on the optical and thermal properties of liquid crystalline phases observed in the mixtures of Cetyl pyridinium chloride (CpCl) and Ethylene glycol (EG) at lower concentration of CpCl. The concentration between 10 to 40% of CpCl exhibits I- Sm A - Sun B - Sm E - Cr sequentially, when the specimen is cooled from isotropic phase. The spectroscopic studies like IR and IH NMR have been carriedout to understand the chemical structure in these mixtures. The phases are identified by the optical, X-ray and DSC studies. Temperature variation of optical anisotropy in these mixtures is also discussed. Helfrich potential and Elastic modulus are estimated in the lamellar Phase using Helfrich model.