Ashish,
You need to edit the Makefile and set the variables in it to the correct places where you have AOLserver sources and PostgreSQL libraries.
I don't suppose you've read the OpenACS Installation Guide (https://openacs.org/doc/openacs/install/x83.html#AEN96) have you? It walks you through compiling your driver.
BTW, the Makefile needs some restructuring and better commenting IMHO. I tried doing it a while back but as I didn't know all the details and didn't want mess it up, I gave up on it.
