  We construct a generalized multiplicative renormalization group
transformation to study the low energy dynamics of a heavy particle tunneling
among $M$ different positions and interacting with $N_f$ independent conduction
electron channels. Using a $1/N_f$-expansion we show that this M-level scales
towards a fixed point equivalent to the $N_f$ channel $SU(M) \times SU(N_f)$
Coqblin-Schrieffer model. Solving numerically the scaling equations we find
that a realistic M-level system scales close to this fixed point (FP) and its
Kondo temperature is in the experimentally observable range $1-10 K$.
