Thanks i had no idea to connect using reliance atlest now i am about to get connected using your help. 
I am using a usb cable for LG LSP-350R phone. here i am giving my configurations and console output. 
#/etc/wvdial.conf 
[Modem0] 
Modem= /dev/ttyACM0 
Baud= 115200 
SetVolume= 0 
Dial Command = ATDT 
Init1 = ATZ 
Init3 = ATM0 
FlowControl= CRTSCTS 
[Dialer Reliance] 
Username = myphone no 
Password = myphone no 
Phone = #777 
Stupid Mode = 1 
Init1 = ATZ 
Init2 = ATQ0 V1 E1 S0=0 &C1 &D2 +FCLASS=0 
Inherits = Modem0 
#Console 
[root@localhost ~]# modprobe uhci 
[root@localhost ~]# modprobe usbserial 
[root@localhost ~]# modprobe ftdi_sio 
# 1) With the data baud on phone set to usb 
[root@localhost ~]# wvdial Reliance 
--> WvDial: Internet dialer version 1.54.0 
--> Cannot get information for serial port. 
--> Initializing modem. 
--> Sending: ATZ 
ATZ 
OK 
--> Sending: ATQ0 V1 E1 S0=0 &C1 &D2 +FCLASS=0 
ATQ0 V1 E1 S0=0 &C1 &D2 +FCLASS=0 
OK 
--> Sending: ATM0 
ATM0 
OK 
--> Modem initialized. 
--> Sending: ATDT#777 
--> Waiting for carrier. 
ATDT#777 
NO CARRIER 
--> No Carrier!  Trying again. 
--> Sending: ATDT#777 
--> Waiting for carrier. 
ATDT#777 
NO CARRIER 
# "Async Data" is being displayed on the phone display and is connecting and disconnecting repeatedly 
# 2) After Changing the data baud on phone to 115200 
[root@localhost ~]# wvdial Reliance 
--> WvDial: Internet dialer version 1.54.0 
--> Cannot get information for serial port. 
--> Initializing modem. 
--> Sending: ATZ 
--> Sending: ATQ0 
--> Re-Sending: ATZ 
--> Modem not responding. 
# No response on the phone  
can any body figure it out. expectig your valuable reply 
thanks once more 
Rahul