Got my answer from another source, Writing here for other beginners like me, to save their time:
First install ODBC driver (get it here http://www.postgresql.org/ftp/odbc/versions/msi/) After installing 32-bit driver::
Dim MyCon As New Odbc.OdbcConnection
MyCon.ConnectionString = "Driver={PostgreSQL ANSI};database=database_name;server=127.0.0.1;port=5432;uid=postgres;sslmode=disable;readonly=0;protocol=7.4;User ID=postgres;password=password;"
MyCon.Open()
If mCon.State = ConnectionState.Open Then
MsgBox("Connected To PostGres", MsgBoxStyle.MsgBoxSetForeground)
End If