how to initialize the LCD Panel

That question is about as as easy to answer as how to service a car - if I don't even know make/model of the car...

One part is real easy

void InitAllComponents(void)
{
  // ... Initialisation of other parts here

  Lcd_Init();

  // ... Initialisation of other parts here
}

The other part requires some effort on your part

void Lcd_Init(void)
{
  // ... Do things dependant upon the particular type of LCD

  // ... May require some reading of documentation !
}

Unfortunately your lack of detail relating to the type of LCD your using and how it is interfaced to the CPU make any further response from us difficult.

void Lcd_Init(void)
{
  // ... Do things dependant upon the particular type of LCD and your particular target hardware

  // ... WILL require careful reading of documentation !
}

You might also refer to www.8052.com/tutlcd.phtml and www.8052.com/tutlcd2.phtml and, in fact, the whole of www.8052.com/tutorial.phtml - not to mention http://www.keil.com/support/man_c51.htm