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We study low-energy properties of the N-fold degenerate Anderson model. Usinga scaling that takes u=(N-1) U as an independent variable in place of theCoulomb interaction U, the perturbation series in U is reorganized as anexpansion in powers of 1/(N-1). We calculate the renormalized parameters, whichcharacterize the Kondo state, to the next leading order in the 1/(N-1)expansion at half-filling. The results, especially the Wilson ratio, agree veryclosely with the exact numerical renormalization group results at N=4. Thisensures the applicability of our approach to N > 4, and we present highlyreliable results for nonequilibrium Kondo transport through a quantum dot.

1/(N-1) expansion based on a perturbation theory in U for the Anderson model with N-fold degeneracy